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001-34848
SEANERGY MARITIME HOLDINGS CORP.
1T
154 Vouliagmenis Avenue
166 74
Glyfada
GR
Stamatios Tsantanis
154 Vouliagmenis Avenue
166 74
Glyfada
GR
30
213
0181507
9638404
Common Shares, par value $0.0001 per share
SHIP
NASDAQ
Preferred Stock Purchase Rights
NASDAQ
21114098
20000
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<div style="display:none;"><br/></div>
<div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify; text-indent: 36pt;">We believe that cybersecurity is fundamental in our operations and, as such, we are
committed to maintaining robust governance and oversight of cybersecurity risks and to implementing comprehensive processes and procedures for identifying, assessing, and managing material risks from cybersecurity threats as part of our broader risk management system and processes. <span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;">Our cybersecurity risk management strategy prioritizes
detection, analysis and response to known, anticipated or unexpected threats; effective management of security risks; and resiliency against incidents. With the ever-changing cybersecurity landscape and continual emergence of new cybersecurity
threats, our board of directors and senior management team ensure that adequate resources are devoted to cybersecurity risk management and the technologies, processes and people that support it. We implement risk-based controls to protect our
information, the information of our customers, suppliers, and other third parties, our information systems, our business operations, and our vessels.</span></div>
<div><br/>
</div>
<div style="display:none;"><br/></div>
<div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify; text-indent: 36pt;"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;">As part of our cybersecurity risk management system, our information and technology
management team is comprised of a senior IT professional, leading an appropriately staffed information and technology department, having extensive experience and expertise on all information and technology matters, including cybersecurity.</span> To this end, our information and technology management team tracks and logs privacy and security incidents across our Company, our vessels, our customers, suppliers and other third-party service providers to remediate and resolve any such incidents. Significant incidents are reviewed regularly by our
information and technology management team to determine whether further escalation is appropriate. We also engage annually third parties, such as specialized assessors, consultants, as well as our internal audit department, to audit our information
security systems, whose findings are reported to our senior management team. Any identified incident assessed as potentially being or potentially becoming material is immediately escalated for further assessment, and then reported to our senior management team who is responsible to assess its overall materiality in due time and decide whether further reference to our board of directors is necessary.
We further consult with outside counsel as appropriate, including on materiality analysis and disclosure requirements, and our senior management, in cooperation, if required, with our board of directors, makes the final materiality determinations
and disclosure and other compliance decisions.</div>
<div><br/>
</div>
<div style="display:none;"><br/></div>
<div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify; text-indent: 36pt;">As we do not have a dedicated board committee solely focused on cybersecurity, our senior management team has oversight responsibility for risks and incidents relating to cybersecurity threats, including compliance with disclosure
requirements, cooperation with law enforcement, and related effects on financial and other risks, and it reports any material findings and recommendations, as appropriate, to our board of directors for consideration.</div>
true
<span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;">Our cybersecurity risk management strategy prioritizes
detection, analysis and response to known, anticipated or unexpected threats; effective management of security risks; and resiliency against incidents. With the ever-changing cybersecurity landscape and continual emergence of new cybersecurity
threats, our board of directors and senior management team ensure that adequate resources are devoted to cybersecurity risk management and the technologies, processes and people that support it. We implement risk-based controls to protect our
information, the information of our customers, suppliers, and other third parties, our information systems, our business operations, and our vessels.</span>
<div style="display:none;"><br/></div>
<div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify; text-indent: 36pt;"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;">As part of our cybersecurity risk management system, our information and technology
management team is comprised of a senior IT professional, leading an appropriately staffed information and technology department, having extensive experience and expertise on all information and technology matters, including cybersecurity.</span> To this end, our information and technology management team tracks and logs privacy and security incidents across our Company, our vessels, our customers, suppliers and other third-party service providers to remediate and resolve any such incidents. Significant incidents are reviewed regularly by our
information and technology management team to determine whether further escalation is appropriate. We also engage annually third parties, such as specialized assessors, consultants, as well as our internal audit department, to audit our information
security systems, whose findings are reported to our senior management team. Any identified incident assessed as potentially being or potentially becoming material is immediately escalated for further assessment, and then reported to our senior management team who is responsible to assess its overall materiality in due time and decide whether further reference to our board of directors is necessary.
We further consult with outside counsel as appropriate, including on materiality analysis and disclosure requirements, and our senior management, in cooperation, if required, with our board of directors, makes the final materiality determinations
and disclosure and other compliance decisions.</div>
<span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;">As part of our cybersecurity risk management system, our information and technology
management team is comprised of a senior IT professional, leading an appropriately staffed information and technology department, having extensive experience and expertise on all information and technology matters, including cybersecurity.</span>
true
true
<div style="display:none;"><br/></div>
<div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify; text-indent: 36pt;">As we do not have a dedicated board committee solely focused on cybersecurity, our senior management team has oversight responsibility for risks and incidents relating to cybersecurity threats, including compliance with disclosure
requirements, cooperation with law enforcement, and related effects on financial and other risks, and it reports any material findings and recommendations, as appropriate, to our board of directors for consideration.</div>
<div style="display:none;"><br/></div>
<div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify; text-indent: 36pt;">As we do not have a dedicated board committee solely focused on cybersecurity, our senior management team has oversight responsibility for risks and incidents relating to cybersecurity threats, including compliance with disclosure
requirements, cooperation with law enforcement, and related effects on financial and other risks, and it reports any material findings and recommendations, as appropriate, to our board of directors for consideration.</div>
<div style="display:none;"><br/></div>
<div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify; text-indent: 36pt;">As we do not have a dedicated board committee solely focused on cybersecurity, our senior management team has oversight responsibility for risks and incidents relating to cybersecurity threats, including compliance with disclosure
requirements, cooperation with law enforcement, and related effects on financial and other risks, and it reports any material findings and recommendations, as appropriate, to our board of directors for consideration.</div>
true
<div style="display:none;"><br/></div>
<div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify; text-indent: 36pt;">Overall, our approach to cybersecurity risk management includes the following key elements:</div>
<div><br/>
</div>
<table border="0" cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: left; border-spacing: 0;">
<tr>
<td style="width: 36pt;"><br/>
</td>
<td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(i)</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: rgb(0, 0, 0);">Continuous monitoring of cybersecurity threats, both internal and external. through the use of data analytics and network monitoring systems.</div>
</td>
</tr>
</table>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;">
<tr>
<td style="width: 36pt;"><br/>
</td>
<td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(ii)</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: rgb(0, 0, 0);">Engagement of third party consultants and other advisors to assist in assessing points of vulnerability of our information security systems.</div>
</td>
</tr>
</table>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;">
<tr>
<td style="width: 36pt;"><br/>
</td>
<td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(iii)</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: rgb(0, 0, 0);">Overall assessment of cybersecurity incidents materiality and potential impact on the Company’s operations and financial condition by our senior management team and our board of directors, in cooperation, if
considered necessary, with specialized external consultants.</div>
</td>
</tr>
</table>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;">
<tr>
<td style="width: 36pt;"><br/>
</td>
<td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(iv)</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: rgb(0, 0, 0);">Oversight responsibility of cybersecurity risks and compliance with relevant disclosure requirements lies with our senior management team and our board of directors.</div>
</td>
</tr>
</table>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;">
<tr>
<td style="width: 36pt;"><br/>
</td>
<td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(v)</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: rgb(0, 0, 0);">Training and Awareness – we have various information technology policies relating to cybersecurity. We also provide employee mandatory training that is administered on a periodic basis that reinforces our
information technology policies, standards and practices, as well as the expectation that employees comply with these policies and identify and report potential cybersecurity risks. We also require employees to sign confidentiality
agreements, where appropriate to their role.</div>
</td>
</tr>
</table>
<div style="display:none;"><br/></div>
<div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify; text-indent: 36pt;">Overall, our approach to cybersecurity risk management includes the following key elements:</div>
<div><br/>
</div>
<table border="0" cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: left; border-spacing: 0;">
<tr>
<td style="width: 36pt;"><br/>
</td>
<td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(i)</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: rgb(0, 0, 0);">Continuous monitoring of cybersecurity threats, both internal and external. through the use of data analytics and network monitoring systems.</div>
</td>
</tr>
</table>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;">
<tr>
<td style="width: 36pt;"><br/>
</td>
<td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(ii)</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: rgb(0, 0, 0);">Engagement of third party consultants and other advisors to assist in assessing points of vulnerability of our information security systems.</div>
</td>
</tr>
</table>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;">
<tr>
<td style="width: 36pt;"><br/>
</td>
<td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(iii)</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: rgb(0, 0, 0);">Overall assessment of cybersecurity incidents materiality and potential impact on the Company’s operations and financial condition by our senior management team and our board of directors, in cooperation, if
considered necessary, with specialized external consultants.</div>
</td>
</tr>
</table>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;">
<tr>
<td style="width: 36pt;"><br/>
</td>
<td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(iv)</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: rgb(0, 0, 0);">Oversight responsibility of cybersecurity risks and compliance with relevant disclosure requirements lies with our senior management team and our board of directors.</div>
</td>
</tr>
</table>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;">
<tr>
<td style="width: 36pt;"><br/>
</td>
<td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(v)</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: rgb(0, 0, 0);">Training and Awareness – we have various information technology policies relating to cybersecurity. We also provide employee mandatory training that is administered on a periodic basis that reinforces our
information technology policies, standards and practices, as well as the expectation that employees comply with these policies and identify and report potential cybersecurity risks. We also require employees to sign confidentiality
agreements, where appropriate to their role.</div>
</td>
</tr>
</table>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0);"> </span><br/>
</div>
<div style="display:none;"><br/></div>
<div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify; text-indent: 36pt;">We continue to invest in our cybersecurity systems and to enhance our internal controls and
processes. <span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;">Our business strategy, results of operations and financial condition have not been materially affected by risks from cybersecurity threats, including as a result of previously identified cybersecurity incidents, but we cannot provide assurance that they will not be materially affected
in the future by such risks or any future material incidents. While we have dedicated appropriate resources to identifying, assessing, and managing material risks from cybersecurity threats, our efforts may not be adequate, may fail to accurately
assess the severity of an incident, may not be sufficient to prevent or limit harm, or may fail to sufficiently remediate an incident in a timely fashion, any of which could harm our business, reputation, results of operations and financial
condition. For more information certain risks associated with cybersecurity, see “Item 3.D. Risk Factors— Risks Relating to Our Company —A cyber-attack could materially disrupt our business.”</span></div>
true
<span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;">Our business strategy, results of operations and financial condition have not been materially affected by risks from cybersecurity threats, including as a result of previously identified cybersecurity incidents, but we cannot provide assurance that they will not be materially affected
in the future by such risks or any future material incidents. While we have dedicated appropriate resources to identifying, assessing, and managing material risks from cybersecurity threats, our efforts may not be adequate, may fail to accurately
assess the severity of an incident, may not be sufficient to prevent or limit harm, or may fail to sufficiently remediate an incident in a timely fashion, any of which could harm our business, reputation, results of operations and financial
condition. For more information certain risks associated with cybersecurity, see “Item 3.D. Risk Factors— Risks Relating to Our Company —A cyber-attack could materially disrupt our business.”</span>
false
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0
0
23000
-1524000
14082000
-56617000
27737000
9988000
-7549000
34916000
24928000
32477000
62653000
34916000
24928000
19617000
20051000
18429000
118000
0
0
0
119000
0
0
0
22997000
2745000
5297000
491000
158000
857000
562000
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: #000000;">1.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="color: #000000;">Basis of Presentation and General Information:</span></div>
</td>
</tr>
</table>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Seanergy
Maritime Holdings Corp. (the “Company” or “Seanergy”) was formed under the laws of the Republic of the Marshall Islands on January 4, 2008, with executive offices located in Glyfada, Greece. The Company provides global transportation solutions
in the dry bulk shipping sector through its subsidiaries.<br/>
<br/>
The accompanying consolidated financial statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the “Company” or “Seanergy”).<br/>
<br/>
On December 31, 2025, the Company had a working capital deficit of $13,171, which includes an amount of $4,934 relating to pre-collected revenue and is included in deferred revenue in the accompanying consolidated balance sheets. This amount represents
current liabilities that do not require future cash settlement. The working capital deficit is mainly attributable to the repayments due under the long-term debt and the other financial liabilities. For the year ended December 31, 2025, the
Company realized a net income of $21,242 and generated cash flow from operations of $52,607. The Company believes it has the ability to continue as a going concern over the next twelve months following the date of the issuance of these <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">consolidated </span>financial statements
and finance its obligations as they come due via cash from operations and through the excess cash obtained from the five sale and
leaseback agreements entered into subsequent to the year end (Note 16).<br/>
<br/>
Consequently, the consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.<br/>
</span> </div>
<div><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">a.</span> <span style="color: #000000;">Subsidiaries in Consolidation:</span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Seanergy’s subsidiaries included in these consolidated financial statements as of December 31, 2025:</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">
<table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;">
<tr>
<td style="width: 24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Company</div>
</td>
<td style="width: 1.11%; vertical-align: bottom;"> </td>
<td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Country of</div>
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Incorporation</div>
</td>
<td style="width: 0.91%; vertical-align: bottom;"> </td>
<td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Vessel name</div>
</td>
<td style="width: 1.11%; vertical-align: bottom;"> </td>
<td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Date of Delivery</div>
</td>
<td style="width: 1.11%; vertical-align: bottom;"> </td>
<td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Date of</div>
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Sale/Disposal</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Seanergy Management Corp. (1)(2)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Seanergy Shipmanagement Corp. (1)(2)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Emperor Holding Ltd. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Pembroke Chartering Services Limited (1)(3)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Malta</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Sea Genius Shipping Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Geniuship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">October 13, 2015</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">September 10, 2025</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Premier Marine Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Premiership</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">September 11, 2015</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Squire Ocean Navigation Co. (1)(4)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Liberia</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Squireship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">November 10, 2015</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">March 20, 2025<br/>
</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Lord Ocean Navigation Co. (1)(4)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Liberia</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Lordship</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">November 30, 2016</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">April 28, 2023</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Champion Marine Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Championship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">November 7, 2018</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Fellow Shipping Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Fellowship</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">November 22, 2018</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Friend Ocean Navigation Co. (1)(4)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Liberia</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Friendship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">July 27, 2021</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">March 20, 2025<br/>
</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">World Shipping Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Worldship</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">August 30, 2021</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Duke Shipping Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Dukeship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">November 26, 2021</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Partner Marine Co. (1)(4)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Partnership</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">March 9, 2022</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">March 9, 2022</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Honor Shipping Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Honorship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">June 27, 2022</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Paros Ocean Navigation Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Liberia</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Paroship</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">December 27, 2022</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Knight Ocean Navigation Co. (1)(4)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Liberia</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Knightship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">December 13, 2016</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">April 6, 2023</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Flag Marine Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Flagship</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">May 6, 2021</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Hellas Ocean Navigation Co. (1)(4)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Liberia</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Hellasship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">May 6, 2021</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">June 28, 2024</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Patriot Shipping Co. (1)(4)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Patriotship</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">June 1, 2021</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">June 28, 2024</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Good Ocean Navigation Co. (1)(3)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Liberia</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Goodship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">August 7, 2020</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">February 10, 2023</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Traders Shipping Co. (1)(3)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Tradership</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">June 9, 2021</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="vertical-align: top; white-space: nowrap; width: 18%;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">February 28, 2023</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Partner Shipping Co. Limited (1)(3)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Malta</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Partnership</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">May 31, 2017</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">March 9, 2022</div>
</td>
</tr>
<tr>
<td rowspan="1" style="width: 24%; vertical-align: top;">Titan Ocean Navigation Co. (1)</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; white-space: nowrap;">Liberia</td>
<td rowspan="1" style="width: 0.91%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: italic;">Titanship</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: italic;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: normal; white-space: nowrap;">October 24, 2024</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: normal;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: normal; white-space: nowrap;">N/A</td>
</tr>
<tr>
<td rowspan="1" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">Icon Ocean Navigation Co. (1)(4)<br/>
</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">Liberia</td>
<td rowspan="1" style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: italic; background-color: rgb(204, 238, 255);">Iconship</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: italic; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: normal; background-color: rgb(204, 238, 255); white-space: nowrap;">June 11, 2024</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: normal; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: normal; background-color: rgb(204, 238, 255); white-space: nowrap;">June 11, 2024</td>
</tr>
<tr>
<td rowspan="1" style="width: 24%; vertical-align: top;">Kaizen Shipping Co. (1)(4)<br/>
</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; white-space: nowrap;">Marshall Islands</td>
<td rowspan="1" style="width: 0.91%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: italic;">Kaizenship</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: italic;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: normal; white-space: nowrap;">October 1, 2024</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: normal;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: normal; white-space: nowrap;">October 1, 2024</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Blue Shipping Co. (1)(4)</div>
</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Marshall Islands</div>
</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Blueship</div>
</div>
</td>
<td style="width: 1.11%; vertical-align: top; font-style: italic; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">February 25, 2025</div>
</div>
</td>
<td style="width: 1.11%; vertical-align: top; font-style: normal; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">February 25, 2025</div>
</div>
</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Mei Shipping Co. (1)</div>
</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Marshall Islands</div>
</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Meiship</div>
</div>
</td>
<td style="width: 1.11%; vertical-align: top; font-style: italic;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">February 27, 2025</div>
</div>
</td>
<td style="width: 1.11%; vertical-align: top; font-style: normal;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal;">N/A</div>
</td>
</tr>
<tr>
<td rowspan="1" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">Atsea Ventures Corp. (1)<br/>
</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">Marshall Islands</td>
<td rowspan="1" style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">N/A</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: italic; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">N/A</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: normal; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">N/A</td>
</tr>
<tr>
<td rowspan="1" style="width: 24%; vertical-align: top;">Prime Ocean Navigation Co. (1)</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; white-space: nowrap;">Liberia</td>
<td rowspan="1" style="width: 0.91%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top;">N/A</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: italic;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; white-space: nowrap;">N/A</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: normal;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; white-space: nowrap;">N/A</td>
</tr>
<tr>
<td rowspan="1" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">King Marine Co. (1)<br/>
</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">Marshall Islands</td>
<td rowspan="1" style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">N/A</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: italic; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">N/A</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: normal; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">N/A</td>
</tr>
</table>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 18pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(1)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Subsidiaries wholly owned</span></div>
</td>
</tr>
</table>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 18pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(2)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Management companies</span></div>
</td>
</tr>
</table>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 18pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(3)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Dormant companies</span></div>
</td>
</tr>
</table>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 18pt;">
<div>(4)</div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div>Bareboat charterers</div>
</td>
</tr>
</table>
</div>
-13171000
4934000
21242000
52607000
5
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Seanergy’s subsidiaries included in these consolidated financial statements as of December 31, 2025:</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">
<table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;">
<tr>
<td style="width: 24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Company</div>
</td>
<td style="width: 1.11%; vertical-align: bottom;"> </td>
<td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Country of</div>
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Incorporation</div>
</td>
<td style="width: 0.91%; vertical-align: bottom;"> </td>
<td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Vessel name</div>
</td>
<td style="width: 1.11%; vertical-align: bottom;"> </td>
<td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Date of Delivery</div>
</td>
<td style="width: 1.11%; vertical-align: bottom;"> </td>
<td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Date of</div>
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Sale/Disposal</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Seanergy Management Corp. (1)(2)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Seanergy Shipmanagement Corp. (1)(2)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Emperor Holding Ltd. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Pembroke Chartering Services Limited (1)(3)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Malta</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Sea Genius Shipping Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Geniuship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">October 13, 2015</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">September 10, 2025</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Premier Marine Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Premiership</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">September 11, 2015</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Squire Ocean Navigation Co. (1)(4)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Liberia</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Squireship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">November 10, 2015</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">March 20, 2025<br/>
</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Lord Ocean Navigation Co. (1)(4)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Liberia</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Lordship</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">November 30, 2016</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">April 28, 2023</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Champion Marine Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Championship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">November 7, 2018</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Fellow Shipping Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Fellowship</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">November 22, 2018</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Friend Ocean Navigation Co. (1)(4)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Liberia</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Friendship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">July 27, 2021</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">March 20, 2025<br/>
</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">World Shipping Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Worldship</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">August 30, 2021</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Duke Shipping Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Dukeship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">November 26, 2021</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Partner Marine Co. (1)(4)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Partnership</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">March 9, 2022</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">March 9, 2022</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Honor Shipping Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Honorship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">June 27, 2022</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Paros Ocean Navigation Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Liberia</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Paroship</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">December 27, 2022</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Knight Ocean Navigation Co. (1)(4)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Liberia</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Knightship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">December 13, 2016</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">April 6, 2023</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Flag Marine Co. (1)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Flagship</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">May 6, 2021</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">N/A</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Hellas Ocean Navigation Co. (1)(4)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Liberia</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Hellasship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">May 6, 2021</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">June 28, 2024</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Patriot Shipping Co. (1)(4)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Patriotship</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">June 1, 2021</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">June 28, 2024</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Good Ocean Navigation Co. (1)(3)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Liberia</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Goodship</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">August 7, 2020</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">February 10, 2023</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Traders Shipping Co. (1)(3)</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Marshall Islands</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Tradership</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">June 9, 2021</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="vertical-align: top; white-space: nowrap; width: 18%;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">February 28, 2023</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Partner Shipping Co. Limited (1)(3)</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Malta</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Partnership</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">May 31, 2017</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">March 9, 2022</div>
</td>
</tr>
<tr>
<td rowspan="1" style="width: 24%; vertical-align: top;">Titan Ocean Navigation Co. (1)</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; white-space: nowrap;">Liberia</td>
<td rowspan="1" style="width: 0.91%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: italic;">Titanship</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: italic;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: normal; white-space: nowrap;">October 24, 2024</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: normal;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: normal; white-space: nowrap;">N/A</td>
</tr>
<tr>
<td rowspan="1" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">Icon Ocean Navigation Co. (1)(4)<br/>
</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">Liberia</td>
<td rowspan="1" style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: italic; background-color: rgb(204, 238, 255);">Iconship</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: italic; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: normal; background-color: rgb(204, 238, 255); white-space: nowrap;">June 11, 2024</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: normal; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: normal; background-color: rgb(204, 238, 255); white-space: nowrap;">June 11, 2024</td>
</tr>
<tr>
<td rowspan="1" style="width: 24%; vertical-align: top;">Kaizen Shipping Co. (1)(4)<br/>
</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; white-space: nowrap;">Marshall Islands</td>
<td rowspan="1" style="width: 0.91%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: italic;">Kaizenship</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: italic;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: normal; white-space: nowrap;">October 1, 2024</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: normal;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; font-style: normal; white-space: nowrap;">October 1, 2024</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Blue Shipping Co. (1)(4)</div>
</div>
</td>
<td style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Marshall Islands</div>
</div>
</td>
<td style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Blueship</div>
</div>
</td>
<td style="width: 1.11%; vertical-align: top; font-style: italic; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">February 25, 2025</div>
</div>
</td>
<td style="width: 1.11%; vertical-align: top; font-style: normal; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">February 25, 2025</div>
</div>
</div>
</td>
</tr>
<tr>
<td style="width: 24%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Mei Shipping Co. (1)</div>
</div>
</td>
<td style="width: 1.11%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Marshall Islands</div>
</div>
</td>
<td style="width: 0.91%; vertical-align: top;"> </td>
<td style="width: 18%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Meiship</div>
</div>
</td>
<td style="width: 1.11%; vertical-align: top; font-style: italic;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">February 27, 2025</div>
</div>
</td>
<td style="width: 1.11%; vertical-align: top; font-style: normal;"> </td>
<td style="width: 18%; vertical-align: top; white-space: nowrap;">
<div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal;">N/A</div>
</td>
</tr>
<tr>
<td rowspan="1" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">Atsea Ventures Corp. (1)<br/>
</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">Marshall Islands</td>
<td rowspan="1" style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">N/A</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: italic; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">N/A</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: normal; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">N/A</td>
</tr>
<tr>
<td rowspan="1" style="width: 24%; vertical-align: top;">Prime Ocean Navigation Co. (1)</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; white-space: nowrap;">Liberia</td>
<td rowspan="1" style="width: 0.91%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top;">N/A</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: italic;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; white-space: nowrap;">N/A</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: normal;"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; white-space: nowrap;">N/A</td>
</tr>
<tr>
<td rowspan="1" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">King Marine Co. (1)<br/>
</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">Marshall Islands</td>
<td rowspan="1" style="width: 0.91%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">N/A</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: italic; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">N/A</td>
<td rowspan="1" style="width: 1.11%; vertical-align: top; font-style: normal; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;">N/A</td>
</tr>
</table>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 18pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(1)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Subsidiaries wholly owned</span></div>
</td>
</tr>
</table>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 18pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(2)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Management companies</span></div>
</td>
</tr>
</table>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 18pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(3)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Dormant companies</span></div>
</td>
</tr>
</table>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 18pt;">
<div>(4)</div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div>Bareboat charterers</div>
</td>
</tr>
</table>
</div>
1T
1T
1T
O1
1T
Geniuship
2015-10-13
2025-09-10
1T
Premiership
2015-09-11
N0
Squireship
2015-11-10
2025-03-20
N0
Lordship
2016-11-30
2023-04-28
1T
Championship
2018-11-07
1T
Fellowship
2018-11-22
N0
Friendship
2021-07-27
2025-03-20
1T
Worldship
2021-08-30
1T
Dukeship
2021-11-26
1T
Partnership
2022-03-09
2022-03-09
1T
Honorship
2022-06-27
N0
Paroship
2022-12-27
N0
Knightship
2016-12-13
2023-04-06
1T
Flagship
2021-05-06
N0
Hellasship
2021-05-06
2024-06-28
1T
Patriotship
2021-06-01
2024-06-28
N0
Goodship
2020-08-07
2023-02-10
1T
Tradership
2021-06-09
2023-02-28
O1
Partnership
2017-05-31
2022-03-09
N0
Titanship
2024-10-24
N0
Iconship
2024-06-11
2024-06-11
1T
Kaizenship
2024-10-01
2024-10-01
1T
Blueship
2025-02-25
2025-02-25
1T
Meiship
2025-02-27
1T
N0
1T
<div>
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<div style="text-align: justify;"><span style="color: #000000;">2.</span></div>
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<div style="text-align: justify;"><span style="color: #000000;">Significant Accounting Policies:</span></div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(a)</span></div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Principles of Consolidation</span></div>
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<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States
of America (U.S. GAAP) and include the accounts and operating results of Seanergy and its wholly-owned subsidiaries where Seanergy has control. Control is presumed to exist when Seanergy, through direct or indirect ownership, retains the majority
of the voting interest. In addition, Seanergy evaluates its relationships with other entities to identify whether they are variable interest entities and to assess whether it is the primary beneficiary of such entities. If the determination is made
that the Company is the primary beneficiary, then that entity is included in the consolidated financial statements. When the Company does not have a controlling interest in an entity, but exerts a significant influence over the entity, the Company
applies the equity method of accounting. All intercompany balances and transactions have been eliminated on consolidation.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company deconsolidates a subsidiary or derecognizes a group of assets when the Company no longer controls the subsidiary or group of assets
specified in Accounting Standards Codification (ASC or Codification) 810-10-40-3A. When control is lost, the Company derecognizes the assets and liabilities of the qualifying subsidiary or group of assets.<br/>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(b)</span></div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Use of Estimates</span></div>
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<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could
differ from those estimates. Significant items subject to such estimates could include evaluation of relationships with other entities to identify whether they are variable interest entities, determination of vessel useful lives, allocation of
purchase price in a business combination, determination of vessels’ impairment and determination of goodwill impairment.</div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(c)</span></div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Foreign Currency Translation</span></div>
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<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Seanergy’s functional currency is the United States dollar since the Company’s vessels operate in international shipping markets and therefore
primarily transact business in U.S. Dollars. The Company’s books of accounts are maintained in U.S. Dollars. Transactions involving other currencies are translated into the United States dollar using exchange rates that are in effect at the time of
the transaction. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to United States dollars at the foreign exchange rate prevailing at year-end. Gains or losses resulting from
foreign currency translation are reflected in the consolidated statements of income.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><br/>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(d)</span></div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Concentration of Credit Risk</span></div>
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<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash
equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing
of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of the financial condition of its customers, receives charter hires in advance and
generally does not require collateral for its accounts receivable.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(e)</span></div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Cash and Cash Equivalents</span></div>
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<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Seanergy considers time deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents.</div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(f)</span></div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Term Deposits</span></div>
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<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Seanergy classifies time deposits and all highly liquid investments with an original maturity of more than three months as Term Deposits.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> </div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(g)</span></div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Restricted Cash</span></div>
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<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Restricted cash is excluded from cash and cash equivalents. Restricted cash represents minimum cash deposits or cash collateral deposits required to be
maintained with certain banks under the Company’s borrowing arrangements or in relation to bank guarantees issued on behalf of the Company, which are legally restricted as to withdrawal or use. In the event that the obligation relating to such
deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> </div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(h)</span></div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Accounts Receivable Trade, Net</span></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
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<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Accounts receivable trade, net, include receivables from
charterers, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate provision for doubtful accounts. The Company also
assessed the provisions of ASC 326, “Financial Instruments—Credit Losses”, by assessing the counterparties’ credit worthiness and concluded that there is no material impact in the Company’s consolidated financial statements. No provision for doubtful accounts was established as of December 31, 2025 and 2024.</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(i)</span></div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Inventories</span></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
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<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">I<span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">nventories consist of lubricants, which are </span>measured at the lower of cost or net realizable valu</span>e. Net realizable value is
defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Cost is determined by the first in, first out method.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> </div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">(j)</div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Insurance Claims</div>
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<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company records insurance claim
recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses and for legal fees covered by directors’ and officers’ liability insurance. Insurance claim recoveries are recorded, net of any deductible
amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, or when liabilities are incurred by the Company’s directors and officers in their capacities as officers and directors, recovery
is probable under the related insurance policies, the claim is not subject to litigation and the Company can make an estimate of the amount to be reimbursed. The classification of the insurance claims into current and non-current assets is
based on management’s expectations as to their collection dates. No provision for credit losses was recorded as of December 31,
2025 and 2024 <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">pursuant to the provisions of ASC 326</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">.</span></span> </div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; color: #000000;">(k)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Vessels</span></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Vessels acquired as a part of a business combination are recorded at fair market value on the date of acquisition. Vessels acquired as asset
acquisitions are stated at historical cost, which consists of the contract price less discounts, plus any material expenses incurred upon acquisition (delivery expenses and other expenditures to prepare for the vessel’s initial voyage). Subsequent
expenditures for conversions and major improvements are capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Expenditures for routine maintenance and repairs are
expensed as incurred.</div>
<div><br/>
</div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">In addition, other investments, relating to vessels’ equipment not yet installed, are included in “Deferred charges and other investments,
non-current” in the consolidated balance sheets. Amounts paid for this equipment are included in “Vessels acquisitions and improvements” under “Cash flows from investing activities” in the consolidated statements of cash flows.</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div>
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<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(l)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Vessel Depreciation</span></div>
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</table>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Depreciation is computed using the straight-line method over the estimated useful life of the vessels (25 years from the date of their initial delivery from the shipyard), after considering the estimated salvage value. Salvage value is estimated by the Company by taking the cost
of steel times the weight of the ship noted in lightweight ton (LWT). Salvage values are periodically reviewed and revised to recognize changes in conditions, new regulations or for other reasons. Revisions of salvage values affect the depreciable
amount of the vessels and affect depreciation expense in the period of the revision and future periods.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effective January 1, 2024 and following management’s reassessment of the
residual value of the vessels, the estimated scrap value per LWT was increased to $0.35 from $0.30. Management’s estimate was based on the average demolition prices prevailing in the market in the last 15 years.</span><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> </div>
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<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(m)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Impairment of Long-Lived Assets (Vessels) and Right-of-use asset (finance lease)<br/>
</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company reviews its long-lived assets (Vessels) and right-of-use asset for impairment whenever events or changes in circumstances, such as
prevailing market conditions, obsolesce or damage to the asset, business plans to dispose a vessel earlier than the end of its useful life and other business plans, indicate that the carrying amount of the assets, plus any unamortized dry-docking
costs, may not be recoverable. The volatile market conditions in the dry bulk market with decreased charter rates and decreased vessel market values are conditions that the Company considers to be indicators of a potential impairment for its
vessels and right-of-use asset.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">If indicators of impairment are present the Company determines undiscounted projected operating cash flows for each related vessel and right-of-use
asset and compares it to the vessel’s or right-of-use asset’s carrying value, plus any unamortized dry-docking costs. When the undiscounted projected operating cash flows expected to be generated by the use of the vessel and/or its eventual
disposition are less than the vessel’s or right-of-use asset’s carrying value, plus any unamortized dry-docking costs, the Company impairs the carrying amount of the vessel or right-of-use asset. Measurement of the impairment loss is based on the
fair value of the asset as determined by independent valuators and use of available market data. The undiscounted projected operating cash inflows are determined by considering the charter revenues from existing time charters for the fixed fleet
days and an estimated daily time charter equivalent for the non-fixed days (based on a combination of one year charter rates estimates
and the average of the trailing 10-year historical charter rates, excluding outliers) adjusted for commissions, expected off hires due
to scheduled maintenance and estimated unexpected breakdown <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">off hires,</span>
<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">along with an estimate of an additional daily revenue for each
scrubber-fitted vessel, as applicable. The undiscounted projected operating cash outflows are determined by applying various assumptions regarding vessel operating expenses and scheduled maintenance.</span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">For the year ended December 31, 2025, indicators of impairment existed for one of the Company’s vessels as its carrying value plus any unamortized dry-docking costs was higher than its market value. The carrying value of the Company’s vessel plus any
unamortized dry-docking costs for which impairment indicators existed as at December 31, 2025, was $32,223. From the impairment
exercise performed, the undiscounted projected operating cash flows expected to be generated by the use of this vessel were higher than the vessel’s carrying value, plus any unamortized dry-docking costs, and thus the Company concluded that no impairment charge should be recorded.</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
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<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(n)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Dry-Docking and Special Survey Costs</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The Company follows the deferral method of accounting for dry-docking costs and special survey costs whereby actual costs incurred are deferred and are amortized on
a straight-line basis over the period through the date the next survey is scheduled to become due. Dry-docking costs which are not fully amortized by the next dry-docking period are expensed. Amounts are included in “Deferred charges and other
investments, non-current”. Unamortized dry-docking costs as at December 31, 2025 and 2024 amounted to $15,710 and $4,521, respectively.</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(o)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Commitments and Contingencies</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Liabilities for loss contingencies, arising from claims, assessments, litigation, fines and penalties, environmental and remediation obligations and
other sources are recorded when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">(p)</div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Revenue Recognition</div>
</td>
</tr>
</table>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span>
<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Revenues are generated from time charters and spot charters. A time charter is a contract for the use of a vessel as well as vessel operations for a
specific period of time and a specified daily charter hire rate, which is generally payable in advance<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.</span> Spot charter agreements are charter hires, where a
contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate per ton of cargo or for a lump sum amount.</div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);"><br/>
</span> </div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);"> </span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> Company accounts for its time charter contracts as operating leases pursuant to ASC 842 “Leases”. The Company has determined that the non-lease
component in its time charter contracts relates to services for the operation of the vessel, which comprise of crew, technical and safety services, among others. The Company further elected to adopt a practical expedient that provides it with
the discretion to recognize lease revenue as a combined single lease component for all time charter contracts (operating leases) since it determined that the related lease component and non-lease component have the same timing and pattern of
transfer and the predominant component is the lease. The Company qualitatively assessed that more value is ascribed to the use of the asset (i.e., the vessel) rather than to the services provided under the time charter agreements. Time
charter revenue is recorded over the term of the charter agreement as the service is provided and collection of the related revenue is reasonably assured.</span> </div>
<div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">The Company accounts for its spot charter contracts
following the provisions of ASC 606, “Revenue from contracts with customers”. The Company has determined that its spot charter agreements do not contain a lease because the charterer under such contracts does not have the right to control the
use of the vessel since the Company retains control over the operations of the vessel, provided also that the terms of the spot charter are predetermined, and any change requires the Company’s consent and are therefore considered service
contracts. Spot charter revenue is recognized on a pro-rata basis over the duration of the voyage from loading to discharge, when a voyage agreement exists, the price is fixed or determinable, service is provided and the collection of the
related revenue is reasonably assured. For voyage charters, the Company satisfies its single performance obligation to transfer cargo under the contract over the voyage period. The Company has taken the practical expedient not to disclose the
value of unsatisfied performance obligations for contracts with an original expected length of one year or less.</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Demurrage income, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is
included in Vessel revenue, net and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Despatch expense, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is
included in Vessel revenue, net and represents payments to the charterer by the vessel owner when loading or discharging time is faster than the stipulated time in the voyage charter agreements.</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
</div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;"><span style="font-variant: normal; letter-spacing: normal; text-indent: 0px; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">Deferred revenue represents cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under the
contract in periods after such date.</span></div>
<div> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Fees from related parties: The Company
accounts for fees from related parties in accordance with ASC 606. Seanergy earns, either directly or through a subsidiary, a fixed fee per day and month in accordance with the master management agreement and technical management agreements,
respectively, entered into with United and certain of United’s subsidiaries (Note 3). In addition, according to the commercial management agreement entered into with a subsidiary of United, the Company earns through a subsidiary a fixed
percentage on the gross freight, demurrage and charter hire, except for any vessels that are chartered-out to the Company (Note 3). These commission fees are recognized ratably over the duration of the charter or voyage period. Seanergy earns
also a fee equal to 1% of the contract price of any vessel bought or sold or bareboat chartered by them on United’s behalf. Fees
related to sale and purchase or bareboat chartering services are recognized upon completion of the relevant purchase or sale. </span> </div>
<div><br/>
</div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"><span style="font-size: 10pt;">(q)</span></span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Leases</span></div>
</td>
</tr>
</table>
</div>
<div><br/>
</div>
<div><span style="font-style: italic; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;">Office lease</span><br/>
<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">In April 2018, the Company
moved into its current office spaces. Under ASC 842, the lease is classified as an operating lease and a lease liability and right-of-use asset based on the present value of future minimum lease payments have been recognized on the balance sheet.
The monthly rent expense is recorded in general and administration expenses. The Company has assessed the <span style="font-family: 'Times New Roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">right-of-use asset </span>for
impairment, and since no impairment indicators existed, no impairment charge was recorded.</span> <br/>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(r)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; color: #000000;">Sale and Leaseback Transactions</span></div>
</td>
</tr>
</table>
</div>
<div><span style="font-family: 'Times New Roman';"> </span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In accordance with ASC 842, the Company, as seller-lessee, determines whether the transfer of an asset should be accounted for as a sale in accordance
with ASC 606. The existence of an option for the seller-lessee to repurchase the asset precludes the accounting for the transfer of the asset as a sale unless both of the following criteria are met: (1) the exercise price of the option is the fair
value of the asset at the time the option is exercised and (2) there are alternative assets, substantially the same as the transferred asset, readily available in the marketplace; and the classification of the leaseback as a finance lease or a
sales-type lease, precludes the buyer-lessor from obtaining control of the asset. If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee recognizes the transaction price for the sale when the buyer-lessor obtains
control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not meet the criteria of sale, the Company does not derecognize the transferred asset,
accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest.</div>
<div>
<span style="font-family: 'Times New Roman';"> </span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(s)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Commissions</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Commissions, which include address and brokerage commissions, are recognized in the same period as the respective charter revenues. Address commissions
are payable to the charterer and are included in “Vessel revenue, net” while brokerage commissions to third parties are included in “Voyage expenses”. For the years ended December 31, 2025, 2024 and 2023, an amount of $5,828, $6,108 and $3,869, respectively, was included in “Vessel revenue, net” related to address commission to third parties.<br/>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(t)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Vessel Voyage Expenses</span></div>
</td>
</tr>
</table>
</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Vessel </span><span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">voyage expenses primarily consist of port,
canal, bunker expenses and brokerage commissions expenses that are unique to a particular charter. Under time charter agreements and bareboat charters, the Company incurs and pays only for brokerage commissions. Under a spot charter, the
Company incurs and pays for certain voyage expenses, primarily consisting of bunkers consumption, brokerage commissions, port and canal costs. Under ASC 606 and after implementation of ASC 340-40 “Other assets and deferred costs” for contract
costs, incremental costs of obtaining a contract with a customer, and contract fulfillment costs, are capitalized and amortized as the performance obligation is satisfied, if certain criteria are met. Costs to fulfill the contract prior to
arriving at the load port primarily consist of bunkers which are deferred and amortized during the voyage period. Costs amortized during the years ended December 31, 2025, 2024 and 2023 were $193, $<span style="-sec-ix-hidden:Fact_3efa697a9861410e825c2cc77a0e83dd">NIL</span> and $<span style="-sec-ix-hidden:Fact_55228d9498784168ac83ff4431461e4d">NIL</span>.</span><br/>
</span></div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><br/>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(u)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Vessel Operating Expenses<br/>
</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Vessel operating expenses are expensed in the period
incurred. Vessel operating expenses comprise costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs and maintenance, including major overhauling and underwater inspection, and other minor miscellaneous expenses.</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(v)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Finance Costs</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Underwriting, legal and other direct costs incurred with the issuance of long-term debt or to refinance existing debt or convertible notes are
deferred and amortized to interest expense over the life of the related debt using the effective interest method. The Company presents unamortized deferred finance costs as a reduction of long-term debt in the accompanying balance sheets. For the
accounting of the unamortized deferred finance costs following debt extinguishment, see below (Note 2(ab)).</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">(w)</div>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Income Taxes</span></div>
</td>
</tr>
</table>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Income taxes are accounted for under the asset and liability method. </span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Recognized income tax positions are measured at the largest amount that is greater
than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in
general and administration expenses.</span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Seanergy Management Corp. (“Seanergy Management”), the Company’s management company, established in Greece under Greek Law 89/67 (as amended to
date), is subject to an annual contribution calculated on the total amount of foreign exchange annually imported and converted to Euros. The contribution to be paid in 2026 by Seanergy Management for 2025 is estimated at $130 and is included in “General and administration expenses”. The contribution paid in the years ended December 2025 and 2024 was $152 and $103, respectively.</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Seanergy Shipmanagement Corp. (“Seanergy Shipmanagement”), the Company’s second management company, established in Greece under Greek Law 89/67 (as
amended to date), is subject to an annual contribution calculated on the total amount of foreign exchange annually imported and converted to Euros. The contribution to be paid in 2026 by Seanergy Shipmanagement for 2025 is estimated at $<span style="-sec-ix-hidden:Fact_eb34d7110a024bd3b2f326449bbdb8f0">NIL</span>. No contribution was paid by
Seanergy Shipmanagement in the years ended December 2025 and 2024.</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none;">Pursuant to the Internal Revenue Code of the United States (the “Code”) and the regulations thereunder, U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company
operating the ships meets both of the following requirements: (a) the Company is organized in a foreign country that grants an equivalent exception to corporations organized in the United States and (b) either (i) more than 50% of the value of the Company’s stock is owned, directly or indirectly, by individuals who are “residents” of the Company’s country of
organization or of another foreign country that grants an “equivalent exemption” to corporations organized in the United States (50% Ownership Test) or (ii) the Company’s stock is “primarily and regularly traded on an established securities
market” in its country of organization, in another country that grants an “equivalent exemption” to United States corporations, or in the United States (Publicly-Traded Test).</span> </div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The common shares of the Company will be considered to be “primarily traded” on an established securities market in a country if the number of
shares of each class of stock used to satisfy the Publicly-Traded Test that is traded during the taxable year on all established securities markets in that country exceeds the number of shares in each such class that is traded during that year
on established securities markets in any other single country.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The common shares of the Company will be considered “regularly traded” if the common shares represent 50% or more of the Company’s outstanding
shares, by total combined voting power of all classes of stock entitled to vote and by total combined value of all classes of stock, and are listed on one or more established securities markets (such as the Nasdaq Capital Market on which the
Company’s common shares are traded).</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The regulations further require that with respect to each class of stock relied upon to meet the listing requirement: (i) such class of the stock
is traded on the market, other than in minimal quantities, on at least sixty (60) days during the taxable year or one-sixth (1/6) of the days in a short taxable year; and (ii) the aggregate number of shares of such class of stock traded on such
market is at least 10% of the average number of shares of such class of stock outstanding during such year or as appropriately adjusted in the case of a short taxable year. Even if a foreign corporation does not satisfy both tests, the
regulations provide that the trading frequency and trading volume tests will be deemed satisfied by a class of stock if such class of stock is traded on an established market in the United States and such class of stock is regularly quoted by
dealers making a market in such stock.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div><span style="font-size: 10pt; font-family: 'Times New Roman';"> Notwithstanding the foregoing, the regulations provide, in pertinent part, that each class of the Company’s stock will not be considered to be “regularly traded” on an established
securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned,
actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5%
or more of the value of such class of the Company’s outstanding stock (“5 Percent Override Rule”).</span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Based on the Company’s analysis of its shareholdings during 2025, the Publicly-Traded Test for the entire 2025 year has been satisfied in that less
than 50% of the Company’s issued and outstanding shares were held by persons who each own directly or indirectly 5% or more of the vote and value of such class of stock for more than half the days during the 2025 taxable year. Effectively, the Company and each
of its subsidiaries qualify for this statutory tax exemption for the 2025 taxable year.</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Certain charterparties of the Company contain clauses that permit the Company to seek reimbursement from charterers of any U.S. tax paid. The
Company has in the past sought reimbursement and has secured payment from most of its charterers. The Company’s U.S. federal income tax based on its U.S. source shipping income for 2025, 2024 and 2023, taking into consideration charterers’
reimbursement, was $<span style="-sec-ix-hidden:Fact_8b701784ee0d4e27870f1455fdbb0a95">NIL</span>, $<span style="-sec-ix-hidden:Fact_837c2a59fa75404e9619c2ea1dbcde39">NIL</span>
and $<span style="-sec-ix-hidden:Fact_350eece504bd42adb141f4fb5235e694">NIL</span>, respectively.</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
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<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(x)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Stock-based Compensation</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Stock-based compensation represents vested and non-vested common stock granted to directors and employees for their services as well as to
non-employees. The Company calculates stock-based compensation expense for the award based on its fair value on the grant date and recognizes it on an accelerated basis over the vesting period. <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The Company accounts for forfeitures when incurred.</span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> </div>
<div>
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<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(y)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Earnings per Share</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">Basic earnings per common share are computed by dividing net income available to Seanergy’s shareholders by the weighted average number of
common shares outstanding during the period. Unvested shares granted under the Company’s Equity Incentive Plan, or other, are entitled to receive dividends which are not refundable, even if such shares are forfeited, and therefore are considered
participating securities for basic earnings per share calculation purposes, using the two-class method. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were
exercised or converted at the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of warrants and shares issued under the Equity Incentive Plan. Potential common shares
that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share.</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div>
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<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);"><span style="font-size: 10pt;">(z)</span></span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);">Segment Reporting</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company reports financial information and evaluates its operations by
total charter revenues and not by the length of vessel employment, customer, type of charter or geographical area as the charterer is free to trade the vessel worldwide and as a result, the disclosure of geographic information is impracticable.</span><span style="font-size: 12pt; font-family: 'Times New Roman', Times, serif;"> </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Although revenue can be identified for different types of charters, management does not
identify expenses, profitability or other financial information for different charters.</span> The chief operating decision maker (“CODM”) does not use discrete financial information to evaluate the operating results for each type of charter or
vessel but is instead regularly provided with only the consolidated expenses as noted on the face of the consolidated statements of income. The CODM assesses performance<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">
for the vessel operations segment and decides how to allocate resources based on consolidated net income. As a result, management, including the CODM, reviewed operating results solely by revenue and consolidated operating results of the
fleet, and thus the Company had determined that it had only one operating and reportable segment and has identified the Chairman
and Chief Executive Officer as the CODM in accordance with ASC<span style="font-style: italic;"> </span></span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><span style="font-style: normal;">280</span>,</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> “Segment Reporting”. The accounting policies applied to the reportable segment are the same as those used in the preparation of the Company’s consolidated financial
statements.</span></div>
<div><br/>
</div>
<div>
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<td style="vertical-align: top; width: 36pt;">
<div><span style="color: rgb(0, 0, 0); font-size: 10pt;">(aa)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div><span style="font-size: 10pt;">Fair Value Measurements</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company follows the provisions of ASC 820, <span style="font-style: normal;">“Fair Value Measurement</span>”, which defines fair value and
provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants in the market in which the reporting entity transacts.<br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="margin: 0px 0px 0px; text-align: justify;"><span style="text-align: justify; color: #000000; font-size: 10pt;">(ab)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="color: #000000; font-size: 10pt;">Debt Modifications and Extinguishments</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Costs associated with new loans or debt modifications, </span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">including fees paid to lenders or required to be paid to third parties on the lender’s behalf for obtaining new
loans or refinancing existing loans, are recorded as deferred charges. Costs paid directly to third parties are expensed as incurred. Deferred finance costs are presented as a deduction from the corresponding liability. Such fees are deferred and
amortized to interest and finance costs during the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid or refinanced, meeting the criteria of debt extinguishment, are expensed in the period the
repayment or refinancing is made. In particular, ASC 470-50-40-2 indicates that for extinguishments of debt, the difference between the reacquisition price and the net carrying amount of the extinguished debt (which includes any deferred debt
finance costs) should be recognized as a gain or loss when the debt is extinguished and identified as a separate item.</span> </div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div>
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<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="text-align: justify; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt;">(ac)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-size: 10pt;">Derivatives </span>–<span style="color: rgb(0, 0, 0); font-weight: normal; font-size: 10pt;"> Forward Freight Agreements</span></div>
</td>
</tr>
</table>
<div> <br/>
</div>
</div>
<div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-weight: normal;">From time to time, the Company may take positions in derivative instruments including
forward freight agreements, or FFAs. Generally, FFAs and other derivative instruments may be used to hedge the Company’s exposure to the charter market for a specified route and period of time. Upon settlement, if the contracted charter rate
is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the
contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the
settlement sum. The FFAs are not intended to serve as an economic hedge for the Company’s vessels that are being chartered in the spot market, but are assumed across all dry bulk vessel sectors based on the Company’s views of the underlying
markets and short-term outlook. The Company measures the fair value of all open positions at each reporting date on this basis (Level 1). There were no open positions as of December 31, 2025 and <span style="font-weight: normal;">2024</span>.
The Company’s FFAs do not qualify for hedge accounting and therefore gains or losses are recognized in the consolidated statements of income under “Loss on forward freight agreements, net” and in the consolidated statements of cash flows in
changes in operating assets and liabilities.</span><br/>
</div>
<div><br/>
</div>
<div>
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<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="text-align: justify; font-weight: normal; font-size: 10pt; color: rgb(0, 0, 0);">(ad)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0);"><span style="font-weight: normal; font-size: 10pt;">Share and warrant repurchases</span></span></div>
</td>
</tr>
</table>
</div>
<div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal;"> <span style="font-weight: normal;"><br/>
</span></span></div>
<div><span style="font-weight: normal;"> </span></div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">The Company records the repurchase of its common shares and warrants at cost. The Company’s common shares repurchased for retirement are
immediately cancelled and the Company’s common stock is accordingly reduced. Any excess of the cost of the shares over their par value is allocated in additional paid-in capital, in accordance with ASC 505-30-30, Treasury Stock. For warrants
repurchased, if the instrument is classified as equity, any cash paid in the settlement is recorded as an offset to additional paid-in capital. The Company has no outstanding warrants as of December 31, 2025.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><br/>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">(ae)</div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">Finance Lease Liabilities & Right-of-Use Assets</div>
</td>
</tr>
</table>
</div>
<div><br/>
</div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Bareboat charter-in agreements that the
Company may enter into are accounted for pursuant to ASC 842 and are classified as finance leases if they involve a purchase obligation or a purchase option that is reasonably certain, at inception, that will be exercised, among other
factors. At the commencement date of the finance lease, a lessee initially measures the lease liability at the present value, using the discount rate determined on the commencement, of the lease payments to be made over the lease term,
including any amount for the purchase the vessel, if applicable. Subsequently, the lease liability is increased by the interest on the lease liability and decreased by the lease payments during the period. The interest on the lease
liability is determined in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements.</span><span style="color: rgb(0, 0, 0);"><br/>
</span> </div>
<div><span style="color: rgb(0, 0, 0);"> </span></div>
<div><span style="color: rgb(0, 0, 0);"><br/>
</span> </div>
<div><span style="color: rgb(0, 0, 0);"> </span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">A lessee initially measures the finance right-of-use asset at cost which consists of the amount of the initial measurement of the lease
liability; any lease payments made to the lessor at or before the commencement date, less any lease incentives received; and any initial direct costs incurred by the lessee. Subsequently, the finance right-of-use asset is measured at cost
less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. The finance right-of-use asset is amortized on a straight-line basis from the commencement date to the
earlier of the end of the useful life of the finance right-of-use asset or the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an
option to purchase the underlying asset, the lessee amortizes the right-of-use asset to the end of the useful life of the underlying asset. The Company elected the practical expedient on not separating lease components from nonlease
components in accordance with ASC 842-10-15-37.</div>
<div><br/>
</div>
<div>
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<tr style="vertical-align: top;">
<td style="text-align: right; vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(af)</span></div>
</td>
<td style="text-align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">European Union’s Emissions Trading System</span></div>
</td>
</tr>
</table>
</div>
<div><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The </span>European <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Union’s</span> Emissions Trading System (“EU ETS”) was extended to cover <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the maritime transportation industry commencing
January 1, 2024, with application to all large</span> ships <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">of at least</span> 5,000 gross <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">tonnage. Vessels are in the scope of the scheme for those</span> voyages <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which begin, end</span> or<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> pass through European Union (“EU”) waters. The Company has an obligation </span>to surrender EU ETS emissions allowances (“<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">EUAs”) to the EU</span> for each ton of reported <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">greenhouse gas</span> emissions in the scope of the EU ETS.<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Where</span> vessels <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">are operated under time charters, such</span> EUAs <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">due to the EU </span>are provided <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to the Company </span>by the charterers <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">pursuant </span>to the <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">terms of the time charter agreement</span>.</div>
<div><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Liabilities in relation to </span>EUAs <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">obligations under the EU ETS, but not yet</span> surrendered<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</span> are <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">categorized as</span> “Accrued liabilities” if settlement to the EU is due within 12 months of the reporting date<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</span> and within “Other non-current liabilities” if settlement is due after 12 months of the reporting date. <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The liability is based on the total
number of EUAs required to be submitted based on level of emissions occurring on or prior to the period end. For partially completed voyages, the value of the liability is initially estimated using the cost of EUAs that may be
required to be submitted at the reporting date and updated following completion of the voyage. An equal and opposite asset is recognized in relation to EUAs due from charterers, within “Other current assets” or in case when the
charterer has provided the Company with EUAs within “Intangible assets”. EUAs purchased and held by the Company intended to be used to settle its EUA obligations are categorized as intangible assets, valued at cost. These assets are
not subject to amortization but are reviewed for impairment at the reporting date.</span></div>
<div><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As of December 31, 2025 and 2024, the Company recorded $368 and $698 in “Other current assets” and $1,336 and $1,671 in “Accrued liabilities”,
respectively.</div>
<div><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">As of December 31, 2025 and 2024, the Company held EUAs amounting to $1,493 and $973, respectively, that <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">were provided by the charterers and are </span>expected to be surrendered in September 2026 and September 2025, respectively, and are classified as <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">“</span>Intangible assets<span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">”</span> in the accompanying consolidated balance sheets. The
Company also held EUAs amounting to $67 and $60, respectively, to settle future EUA obligations and are classified as <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">“</span>Intangible assets,
non-current<span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">”</span> in the accompanying consolidated balance sheets as of December 31, 2025 and 2024, respectively.</div>
<div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"> <br/>
</div>
<div>
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<tr style="vertical-align: top;">
<td style="text-align: right; vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(ag)</span></div>
</td>
<td style="text-align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;">Foreign currency exchange rates forward contract</div>
</td>
</tr>
</table>
</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">When deemed appropriate from a risk management perspective, the Company enters into forward contracts to hedge against the effect of
exchange rate fluctuations on cash flows denominated in foreign currencies. Foreign currency forward contracts are agreements entered into with a financial services institution to exchange, at a specified future date, currencies of
different countries at a specific rate. Foreign currency forward contracts are recorded on the Company’s balance sheet as assets or liabilities and are measured at fair value. As of December 31, 2025, the forward contract is presented
as an asset under “Foreign exchange forward contract” in the consolidated balance sheet. The valuation of forward contracts is based on Level 2 observable inputs of the fair value hierarchy, such as forward foreign exchange rate
curves. Cash inflows/outflows attributed to foreign currency forward derivative instruments, if any, are reported within cash flows from operating activities in the consolidated statements of cash flows.</div>
<div><br/>
</div>
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<tr style="vertical-align: top;">
<td style="text-align: right; vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(ah)</span></div>
</td>
<td style="text-align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;">Investment in equity securities</div>
</td>
</tr>
</table>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div><span style="font-family: 'Times New Roman';"> </span></div>
<div><span style="font-family: 'Times New Roman';"> </span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Investments that are not accounted for under equity method are in scope of ASC 321 “Investments – Equity Securities”. The Company elects
to measure equity security without a readily determinable fair value that does not qualify for the practical expedient to estimate fair value in accordance with paragraph ASC 820-10-35-59 at its costs minus impairment, if any, plus or
minus changes resulting from observable price changes in orderly transactions for identical or similar investments . The Company reassesses at each reporting period whether the investment without the readily determinable value
qualifies to be measured in accordance with this paragraph. At each reporting period, the Company makes a qualitive assessment considering impairment indicators such as significant deterioration in earning performance, significant
adverse change in general market conditions and factors that raise significant concerns about the investee’s ability to continue as going concern.</div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br/>
</span></div>
<div><span style="font-weight: normal;"> </span></div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Recent Accounting Pronouncements</span></div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;"><br/>
</span></span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In November 2024, the FASB issued ASU 2024-03, <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Income
Statement – Reporting Comprehensive Income – Expenses Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses</span>. The standard is intended to require more detailed disclosure about specified
categories of expenses (including employee compensation, depreciation and amortization) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December
15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the
effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the impact this standard will have on its financial statements.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In July 2025, the FASB issued ASU No. 2025-05, <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Financial
Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets</span>, which provides a practical expedient related to the estimation of expected credit losses for current accounts
receivable and current contract assets that arise from transactions accounted for under ASC 606. The guidance is effective for annual periods beginning after December 15, 2025 and interim periods within those annual periods with early
adoption permitted. The Company expects the adoption of this standard will have a minimal impact on its consolidated financial statements and disclosures.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In December 2025, the FASB issued ASU No. 2025-12 to clarify, correct errors in or make other improvements to a broad range of topics in
the Accounting Standards Codification (“ASC”), including ASC 260, <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Earnings Per Share</span>; ASC 325, <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Investments — Other</span>; and ASC 958, <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Not-for-Profit Entities</span>. The guidance is effective for all entities
for annual reporting periods beginning after 15 December 2026, and interim periods within those annual periods. Early adoption is permitted. Entities are required to apply the amendments to ASC 260 retrospectively to each prior
reporting period presented in the period of adoption. Entities can apply all other amendments in the period of adoption either (1) prospectively to all new transactions recognized on or after the date that the entity first applies the
amendments or (2) retrospectively to the beginning of the earliest comparative period presented, with an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of
financial position) as of the beginning of the earliest comparative period presented. An entity may elect the transition method on an issue-by-issue basis (except for the ASC 260 amendments). The Company evaluated the impact of this ASU
on its consolidated financial statements and determined that there is no effect on its results of operations.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">There are no other recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s
consolidated financial statements in the current or any future periods.</div>
<div>
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<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(a)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Principles of Consolidation</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States
of America (U.S. GAAP) and include the accounts and operating results of Seanergy and its wholly-owned subsidiaries where Seanergy has control. Control is presumed to exist when Seanergy, through direct or indirect ownership, retains the majority
of the voting interest. In addition, Seanergy evaluates its relationships with other entities to identify whether they are variable interest entities and to assess whether it is the primary beneficiary of such entities. If the determination is made
that the Company is the primary beneficiary, then that entity is included in the consolidated financial statements. When the Company does not have a controlling interest in an entity, but exerts a significant influence over the entity, the Company
applies the equity method of accounting. All intercompany balances and transactions have been eliminated on consolidation.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company deconsolidates a subsidiary or derecognizes a group of assets when the Company no longer controls the subsidiary or group of assets
specified in Accounting Standards Codification (ASC or Codification) 810-10-40-3A. When control is lost, the Company derecognizes the assets and liabilities of the qualifying subsidiary or group of assets.<br/>
</div>
<div>
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<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(b)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Use of Estimates</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could
differ from those estimates. Significant items subject to such estimates could include evaluation of relationships with other entities to identify whether they are variable interest entities, determination of vessel useful lives, allocation of
purchase price in a business combination, determination of vessels’ impairment and determination of goodwill impairment.</div>
<div>
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<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(c)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Foreign Currency Translation</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Seanergy’s functional currency is the United States dollar since the Company’s vessels operate in international shipping markets and therefore
primarily transact business in U.S. Dollars. The Company’s books of accounts are maintained in U.S. Dollars. Transactions involving other currencies are translated into the United States dollar using exchange rates that are in effect at the time of
the transaction. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to United States dollars at the foreign exchange rate prevailing at year-end. Gains or losses resulting from
foreign currency translation are reflected in the consolidated statements of income.</div>
<div>
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<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(d)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Concentration of Credit Risk</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash
equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing
of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of the financial condition of its customers, receives charter hires in advance and
generally does not require collateral for its accounts receivable.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div>
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<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(e)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Cash and Cash Equivalents</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Seanergy considers time deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents.</div>
<div>
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<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(f)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Term Deposits</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Seanergy classifies time deposits and all highly liquid investments with an original maturity of more than three months as Term Deposits.</div>
<div>
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<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(g)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Restricted Cash</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Restricted cash is excluded from cash and cash equivalents. Restricted cash represents minimum cash deposits or cash collateral deposits required to be
maintained with certain banks under the Company’s borrowing arrangements or in relation to bank guarantees issued on behalf of the Company, which are legally restricted as to withdrawal or use. In the event that the obligation relating to such
deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets.</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(h)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Accounts Receivable Trade, Net</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Accounts receivable trade, net, include receivables from
charterers, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate provision for doubtful accounts. The Company also
assessed the provisions of ASC 326, “Financial Instruments—Credit Losses”, by assessing the counterparties’ credit worthiness and concluded that there is no material impact in the Company’s consolidated financial statements. No provision for doubtful accounts was established as of December 31, 2025 and 2024.</div>
0
0
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(i)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Inventories</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">I<span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">nventories consist of lubricants, which are </span>measured at the lower of cost or net realizable valu</span>e. Net realizable value is
defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Cost is determined by the first in, first out method.</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">(j)</div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Insurance Claims</div>
</td>
</tr>
</table>
</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company records insurance claim
recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses and for legal fees covered by directors’ and officers’ liability insurance. Insurance claim recoveries are recorded, net of any deductible
amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, or when liabilities are incurred by the Company’s directors and officers in their capacities as officers and directors, recovery
is probable under the related insurance policies, the claim is not subject to litigation and the Company can make an estimate of the amount to be reimbursed. The classification of the insurance claims into current and non-current assets is
based on management’s expectations as to their collection dates. No provision for credit losses was recorded as of December 31,
2025 and 2024 <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">pursuant to the provisions of ASC 326</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">.</span></span> </div>
0
0
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; color: #000000;">(k)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Vessels</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Vessels acquired as a part of a business combination are recorded at fair market value on the date of acquisition. Vessels acquired as asset
acquisitions are stated at historical cost, which consists of the contract price less discounts, plus any material expenses incurred upon acquisition (delivery expenses and other expenditures to prepare for the vessel’s initial voyage). Subsequent
expenditures for conversions and major improvements are capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Expenditures for routine maintenance and repairs are
expensed as incurred.</div>
<div><br/>
</div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">In addition, other investments, relating to vessels’ equipment not yet installed, are included in “Deferred charges and other investments,
non-current” in the consolidated balance sheets. Amounts paid for this equipment are included in “Vessels acquisitions and improvements” under “Cash flows from investing activities” in the consolidated statements of cash flows.</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(l)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Vessel Depreciation</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Depreciation is computed using the straight-line method over the estimated useful life of the vessels (25 years from the date of their initial delivery from the shipyard), after considering the estimated salvage value. Salvage value is estimated by the Company by taking the cost
of steel times the weight of the ship noted in lightweight ton (LWT). Salvage values are periodically reviewed and revised to recognize changes in conditions, new regulations or for other reasons. Revisions of salvage values affect the depreciable
amount of the vessels and affect depreciation expense in the period of the revision and future periods.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effective January 1, 2024 and following management’s reassessment of the
residual value of the vessels, the estimated scrap value per LWT was increased to $0.35 from $0.30. Management’s estimate was based on the average demolition prices prevailing in the market in the last 15 years.</span><br/>
</div>
P25Y
0.35
0.3
P15Y
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(m)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Impairment of Long-Lived Assets (Vessels) and Right-of-use asset (finance lease)<br/>
</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company reviews its long-lived assets (Vessels) and right-of-use asset for impairment whenever events or changes in circumstances, such as
prevailing market conditions, obsolesce or damage to the asset, business plans to dispose a vessel earlier than the end of its useful life and other business plans, indicate that the carrying amount of the assets, plus any unamortized dry-docking
costs, may not be recoverable. The volatile market conditions in the dry bulk market with decreased charter rates and decreased vessel market values are conditions that the Company considers to be indicators of a potential impairment for its
vessels and right-of-use asset.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">If indicators of impairment are present the Company determines undiscounted projected operating cash flows for each related vessel and right-of-use
asset and compares it to the vessel’s or right-of-use asset’s carrying value, plus any unamortized dry-docking costs. When the undiscounted projected operating cash flows expected to be generated by the use of the vessel and/or its eventual
disposition are less than the vessel’s or right-of-use asset’s carrying value, plus any unamortized dry-docking costs, the Company impairs the carrying amount of the vessel or right-of-use asset. Measurement of the impairment loss is based on the
fair value of the asset as determined by independent valuators and use of available market data. The undiscounted projected operating cash inflows are determined by considering the charter revenues from existing time charters for the fixed fleet
days and an estimated daily time charter equivalent for the non-fixed days (based on a combination of one year charter rates estimates
and the average of the trailing 10-year historical charter rates, excluding outliers) adjusted for commissions, expected off hires due
to scheduled maintenance and estimated unexpected breakdown <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">off hires,</span>
<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">along with an estimate of an additional daily revenue for each
scrubber-fitted vessel, as applicable. The undiscounted projected operating cash outflows are determined by applying various assumptions regarding vessel operating expenses and scheduled maintenance.</span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">For the year ended December 31, 2025, indicators of impairment existed for one of the Company’s vessels as its carrying value plus any unamortized dry-docking costs was higher than its market value. The carrying value of the Company’s vessel plus any
unamortized dry-docking costs for which impairment indicators existed as at December 31, 2025, was $32,223. From the impairment
exercise performed, the undiscounted projected operating cash flows expected to be generated by the use of this vessel were higher than the vessel’s carrying value, plus any unamortized dry-docking costs, and thus the Company concluded that no impairment charge should be recorded.</div>
P1Y
P10Y
1
32223000
0
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(n)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Dry-Docking and Special Survey Costs</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The Company follows the deferral method of accounting for dry-docking costs and special survey costs whereby actual costs incurred are deferred and are amortized on
a straight-line basis over the period through the date the next survey is scheduled to become due. Dry-docking costs which are not fully amortized by the next dry-docking period are expensed. Amounts are included in “Deferred charges and other
investments, non-current”. Unamortized dry-docking costs as at December 31, 2025 and 2024 amounted to $15,710 and $4,521, respectively.</div>
15710000
4521000
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(o)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Commitments and Contingencies</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Liabilities for loss contingencies, arising from claims, assessments, litigation, fines and penalties, environmental and remediation obligations and
other sources are recorded when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">(p)</div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Revenue Recognition</div>
</td>
</tr>
</table>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span>
<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Revenues are generated from time charters and spot charters. A time charter is a contract for the use of a vessel as well as vessel operations for a
specific period of time and a specified daily charter hire rate, which is generally payable in advance<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.</span> Spot charter agreements are charter hires, where a
contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate per ton of cargo or for a lump sum amount.</div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);"><br/>
</span> </div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);"> </span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> Company accounts for its time charter contracts as operating leases pursuant to ASC 842 “Leases”. The Company has determined that the non-lease
component in its time charter contracts relates to services for the operation of the vessel, which comprise of crew, technical and safety services, among others. The Company further elected to adopt a practical expedient that provides it with
the discretion to recognize lease revenue as a combined single lease component for all time charter contracts (operating leases) since it determined that the related lease component and non-lease component have the same timing and pattern of
transfer and the predominant component is the lease. The Company qualitatively assessed that more value is ascribed to the use of the asset (i.e., the vessel) rather than to the services provided under the time charter agreements. Time
charter revenue is recorded over the term of the charter agreement as the service is provided and collection of the related revenue is reasonably assured.</span> </div>
<div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">The Company accounts for its spot charter contracts
following the provisions of ASC 606, “Revenue from contracts with customers”. The Company has determined that its spot charter agreements do not contain a lease because the charterer under such contracts does not have the right to control the
use of the vessel since the Company retains control over the operations of the vessel, provided also that the terms of the spot charter are predetermined, and any change requires the Company’s consent and are therefore considered service
contracts. Spot charter revenue is recognized on a pro-rata basis over the duration of the voyage from loading to discharge, when a voyage agreement exists, the price is fixed or determinable, service is provided and the collection of the
related revenue is reasonably assured. For voyage charters, the Company satisfies its single performance obligation to transfer cargo under the contract over the voyage period. The Company has taken the practical expedient not to disclose the
value of unsatisfied performance obligations for contracts with an original expected length of one year or less.</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Demurrage income, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is
included in Vessel revenue, net and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Despatch expense, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is
included in Vessel revenue, net and represents payments to the charterer by the vessel owner when loading or discharging time is faster than the stipulated time in the voyage charter agreements.</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
</div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;"><span style="font-variant: normal; letter-spacing: normal; text-indent: 0px; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">Deferred revenue represents cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under the
contract in periods after such date.</span></div>
<div> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Fees from related parties: The Company
accounts for fees from related parties in accordance with ASC 606. Seanergy earns, either directly or through a subsidiary, a fixed fee per day and month in accordance with the master management agreement and technical management agreements,
respectively, entered into with United and certain of United’s subsidiaries (Note 3). In addition, according to the commercial management agreement entered into with a subsidiary of United, the Company earns through a subsidiary a fixed
percentage on the gross freight, demurrage and charter hire, except for any vessels that are chartered-out to the Company (Note 3). These commission fees are recognized ratably over the duration of the charter or voyage period. Seanergy earns
also a fee equal to 1% of the contract price of any vessel bought or sold or bareboat chartered by them on United’s behalf. Fees
related to sale and purchase or bareboat chartering services are recognized upon completion of the relevant purchase or sale. </span> </div>
0.01
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"><span style="font-size: 10pt;">(q)</span></span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Leases</span></div>
</td>
</tr>
</table>
</div>
<div><br/>
</div>
<div><span style="font-style: italic; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;">Office lease</span><br/>
<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">In April 2018, the Company
moved into its current office spaces. Under ASC 842, the lease is classified as an operating lease and a lease liability and right-of-use asset based on the present value of future minimum lease payments have been recognized on the balance sheet.
The monthly rent expense is recorded in general and administration expenses. The Company has assessed the <span style="font-family: 'Times New Roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">right-of-use asset </span>for
impairment, and since no impairment indicators existed, no impairment charge was recorded.</span> <br/>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">(ae)</div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">Finance Lease Liabilities & Right-of-Use Assets</div>
</td>
</tr>
</table>
</div>
<div><br/>
</div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Bareboat charter-in agreements that the
Company may enter into are accounted for pursuant to ASC 842 and are classified as finance leases if they involve a purchase obligation or a purchase option that is reasonably certain, at inception, that will be exercised, among other
factors. At the commencement date of the finance lease, a lessee initially measures the lease liability at the present value, using the discount rate determined on the commencement, of the lease payments to be made over the lease term,
including any amount for the purchase the vessel, if applicable. Subsequently, the lease liability is increased by the interest on the lease liability and decreased by the lease payments during the period. The interest on the lease
liability is determined in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements.</span><span style="color: rgb(0, 0, 0);"><br/>
</span> </div>
<div><span style="color: rgb(0, 0, 0);"> </span></div>
<div><span style="color: rgb(0, 0, 0);"><br/>
</span> </div>
<div><span style="color: rgb(0, 0, 0);"> </span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">A lessee initially measures the finance right-of-use asset at cost which consists of the amount of the initial measurement of the lease
liability; any lease payments made to the lessor at or before the commencement date, less any lease incentives received; and any initial direct costs incurred by the lessee. Subsequently, the finance right-of-use asset is measured at cost
less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. The finance right-of-use asset is amortized on a straight-line basis from the commencement date to the
earlier of the end of the useful life of the finance right-of-use asset or the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an
option to purchase the underlying asset, the lessee amortizes the right-of-use asset to the end of the useful life of the underlying asset. The Company elected the practical expedient on not separating lease components from nonlease
components in accordance with ASC 842-10-15-37.</div>
0
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(r)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; color: #000000;">Sale and Leaseback Transactions</span></div>
</td>
</tr>
</table>
</div>
<div><span style="font-family: 'Times New Roman';"> </span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In accordance with ASC 842, the Company, as seller-lessee, determines whether the transfer of an asset should be accounted for as a sale in accordance
with ASC 606. The existence of an option for the seller-lessee to repurchase the asset precludes the accounting for the transfer of the asset as a sale unless both of the following criteria are met: (1) the exercise price of the option is the fair
value of the asset at the time the option is exercised and (2) there are alternative assets, substantially the same as the transferred asset, readily available in the marketplace; and the classification of the leaseback as a finance lease or a
sales-type lease, precludes the buyer-lessor from obtaining control of the asset. If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee recognizes the transaction price for the sale when the buyer-lessor obtains
control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not meet the criteria of sale, the Company does not derecognize the transferred asset,
accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest.</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(s)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Commissions</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Commissions, which include address and brokerage commissions, are recognized in the same period as the respective charter revenues. Address commissions
are payable to the charterer and are included in “Vessel revenue, net” while brokerage commissions to third parties are included in “Voyage expenses”. For the years ended December 31, 2025, 2024 and 2023, an amount of $5,828, $6,108 and $3,869, respectively, was included in “Vessel revenue, net” related to address commission to third parties.<br/>
</div>
5828000
6108000
3869000
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(t)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Vessel Voyage Expenses</span></div>
</td>
</tr>
</table>
</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Vessel </span><span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">voyage expenses primarily consist of port,
canal, bunker expenses and brokerage commissions expenses that are unique to a particular charter. Under time charter agreements and bareboat charters, the Company incurs and pays only for brokerage commissions. Under a spot charter, the
Company incurs and pays for certain voyage expenses, primarily consisting of bunkers consumption, brokerage commissions, port and canal costs. Under ASC 606 and after implementation of ASC 340-40 “Other assets and deferred costs” for contract
costs, incremental costs of obtaining a contract with a customer, and contract fulfillment costs, are capitalized and amortized as the performance obligation is satisfied, if certain criteria are met. Costs to fulfill the contract prior to
arriving at the load port primarily consist of bunkers which are deferred and amortized during the voyage period. Costs amortized during the years ended December 31, 2025, 2024 and 2023 were $193, $<span style="-sec-ix-hidden:Fact_3efa697a9861410e825c2cc77a0e83dd">NIL</span> and $<span style="-sec-ix-hidden:Fact_55228d9498784168ac83ff4431461e4d">NIL</span>.</span><br/>
</span></div>
193000
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(u)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Vessel Operating Expenses<br/>
</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Vessel operating expenses are expensed in the period
incurred. Vessel operating expenses comprise costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs and maintenance, including major overhauling and underwater inspection, and other minor miscellaneous expenses.</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(v)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Finance Costs</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Underwriting, legal and other direct costs incurred with the issuance of long-term debt or to refinance existing debt or convertible notes are
deferred and amortized to interest expense over the life of the related debt using the effective interest method. The Company presents unamortized deferred finance costs as a reduction of long-term debt in the accompanying balance sheets. For the
accounting of the unamortized deferred finance costs following debt extinguishment, see below (Note 2(ab)).</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">(w)</div>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Income Taxes</span></div>
</td>
</tr>
</table>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Income taxes are accounted for under the asset and liability method. </span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Recognized income tax positions are measured at the largest amount that is greater
than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in
general and administration expenses.</span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Seanergy Management Corp. (“Seanergy Management”), the Company’s management company, established in Greece under Greek Law 89/67 (as amended to
date), is subject to an annual contribution calculated on the total amount of foreign exchange annually imported and converted to Euros. The contribution to be paid in 2026 by Seanergy Management for 2025 is estimated at $130 and is included in “General and administration expenses”. The contribution paid in the years ended December 2025 and 2024 was $152 and $103, respectively.</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Seanergy Shipmanagement Corp. (“Seanergy Shipmanagement”), the Company’s second management company, established in Greece under Greek Law 89/67 (as
amended to date), is subject to an annual contribution calculated on the total amount of foreign exchange annually imported and converted to Euros. The contribution to be paid in 2026 by Seanergy Shipmanagement for 2025 is estimated at $<span style="-sec-ix-hidden:Fact_eb34d7110a024bd3b2f326449bbdb8f0">NIL</span>. No contribution was paid by
Seanergy Shipmanagement in the years ended December 2025 and 2024.</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none;">Pursuant to the Internal Revenue Code of the United States (the “Code”) and the regulations thereunder, U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company
operating the ships meets both of the following requirements: (a) the Company is organized in a foreign country that grants an equivalent exception to corporations organized in the United States and (b) either (i) more than 50% of the value of the Company’s stock is owned, directly or indirectly, by individuals who are “residents” of the Company’s country of
organization or of another foreign country that grants an “equivalent exemption” to corporations organized in the United States (50% Ownership Test) or (ii) the Company’s stock is “primarily and regularly traded on an established securities
market” in its country of organization, in another country that grants an “equivalent exemption” to United States corporations, or in the United States (Publicly-Traded Test).</span> </div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The common shares of the Company will be considered to be “primarily traded” on an established securities market in a country if the number of
shares of each class of stock used to satisfy the Publicly-Traded Test that is traded during the taxable year on all established securities markets in that country exceeds the number of shares in each such class that is traded during that year
on established securities markets in any other single country.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The common shares of the Company will be considered “regularly traded” if the common shares represent 50% or more of the Company’s outstanding
shares, by total combined voting power of all classes of stock entitled to vote and by total combined value of all classes of stock, and are listed on one or more established securities markets (such as the Nasdaq Capital Market on which the
Company’s common shares are traded).</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The regulations further require that with respect to each class of stock relied upon to meet the listing requirement: (i) such class of the stock
is traded on the market, other than in minimal quantities, on at least sixty (60) days during the taxable year or one-sixth (1/6) of the days in a short taxable year; and (ii) the aggregate number of shares of such class of stock traded on such
market is at least 10% of the average number of shares of such class of stock outstanding during such year or as appropriately adjusted in the case of a short taxable year. Even if a foreign corporation does not satisfy both tests, the
regulations provide that the trading frequency and trading volume tests will be deemed satisfied by a class of stock if such class of stock is traded on an established market in the United States and such class of stock is regularly quoted by
dealers making a market in such stock.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div><span style="font-size: 10pt; font-family: 'Times New Roman';"> Notwithstanding the foregoing, the regulations provide, in pertinent part, that each class of the Company’s stock will not be considered to be “regularly traded” on an established
securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned,
actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5%
or more of the value of such class of the Company’s outstanding stock (“5 Percent Override Rule”).</span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Based on the Company’s analysis of its shareholdings during 2025, the Publicly-Traded Test for the entire 2025 year has been satisfied in that less
than 50% of the Company’s issued and outstanding shares were held by persons who each own directly or indirectly 5% or more of the vote and value of such class of stock for more than half the days during the 2025 taxable year. Effectively, the Company and each
of its subsidiaries qualify for this statutory tax exemption for the 2025 taxable year.</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Certain charterparties of the Company contain clauses that permit the Company to seek reimbursement from charterers of any U.S. tax paid. The
Company has in the past sought reimbursement and has secured payment from most of its charterers. The Company’s U.S. federal income tax based on its U.S. source shipping income for 2025, 2024 and 2023, taking into consideration charterers’
reimbursement, was $<span style="-sec-ix-hidden:Fact_8b701784ee0d4e27870f1455fdbb0a95">NIL</span>, $<span style="-sec-ix-hidden:Fact_837c2a59fa75404e9619c2ea1dbcde39">NIL</span>
and $<span style="-sec-ix-hidden:Fact_350eece504bd42adb141f4fb5235e694">NIL</span>, respectively.</div>
130000
152000
103000
0
0
0.50
0.50
0.05
0.50
0.05
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(x)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Stock-based Compensation</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Stock-based compensation represents vested and non-vested common stock granted to directors and employees for their services as well as to
non-employees. The Company calculates stock-based compensation expense for the award based on its fair value on the grant date and recognizes it on an accelerated basis over the vesting period. <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The Company accounts for forfeitures when incurred.</span></div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(y)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Earnings per Share</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">Basic earnings per common share are computed by dividing net income available to Seanergy’s shareholders by the weighted average number of
common shares outstanding during the period. Unvested shares granted under the Company’s Equity Incentive Plan, or other, are entitled to receive dividends which are not refundable, even if such shares are forfeited, and therefore are considered
participating securities for basic earnings per share calculation purposes, using the two-class method. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were
exercised or converted at the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of warrants and shares issued under the Equity Incentive Plan. Potential common shares
that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share.</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);"><span style="font-size: 10pt;">(z)</span></span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);">Segment Reporting</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company reports financial information and evaluates its operations by
total charter revenues and not by the length of vessel employment, customer, type of charter or geographical area as the charterer is free to trade the vessel worldwide and as a result, the disclosure of geographic information is impracticable.</span><span style="font-size: 12pt; font-family: 'Times New Roman', Times, serif;"> </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Although revenue can be identified for different types of charters, management does not
identify expenses, profitability or other financial information for different charters.</span> The chief operating decision maker (“CODM”) does not use discrete financial information to evaluate the operating results for each type of charter or
vessel but is instead regularly provided with only the consolidated expenses as noted on the face of the consolidated statements of income. The CODM assesses performance<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">
for the vessel operations segment and decides how to allocate resources based on consolidated net income. As a result, management, including the CODM, reviewed operating results solely by revenue and consolidated operating results of the
fleet, and thus the Company had determined that it had only one operating and reportable segment and has identified the Chairman
and Chief Executive Officer as the CODM in accordance with ASC<span style="font-style: italic;"> </span></span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><span style="font-style: normal;">280</span>,</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> “Segment Reporting”. The accounting policies applied to the reportable segment are the same as those used in the preparation of the Company’s consolidated financial
statements.</span></div>
1
1
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div><span style="color: rgb(0, 0, 0); font-size: 10pt;">(aa)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div><span style="font-size: 10pt;">Fair Value Measurements</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company follows the provisions of ASC 820, <span style="font-style: normal;">“Fair Value Measurement</span>”, which defines fair value and
provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants in the market in which the reporting entity transacts.<br/>
</div>
<div>
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<td style="vertical-align: top; width: 36pt;">
<div style="margin: 0px 0px 0px; text-align: justify;"><span style="text-align: justify; color: #000000; font-size: 10pt;">(ab)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="color: #000000; font-size: 10pt;">Debt Modifications and Extinguishments</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Costs associated with new loans or debt modifications, </span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">including fees paid to lenders or required to be paid to third parties on the lender’s behalf for obtaining new
loans or refinancing existing loans, are recorded as deferred charges. Costs paid directly to third parties are expensed as incurred. Deferred finance costs are presented as a deduction from the corresponding liability. Such fees are deferred and
amortized to interest and finance costs during the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid or refinanced, meeting the criteria of debt extinguishment, are expensed in the period the
repayment or refinancing is made. In particular, ASC 470-50-40-2 indicates that for extinguishments of debt, the difference between the reacquisition price and the net carrying amount of the extinguished debt (which includes any deferred debt
finance costs) should be recognized as a gain or loss when the debt is extinguished and identified as a separate item.</span> </div>
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<div style="text-align: justify;"><span style="text-align: justify; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt;">(ac)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-size: 10pt;">Derivatives </span>–<span style="color: rgb(0, 0, 0); font-weight: normal; font-size: 10pt;"> Forward Freight Agreements</span></div>
</td>
</tr>
</table>
<div> <br/>
</div>
</div>
<div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-weight: normal;">From time to time, the Company may take positions in derivative instruments including
forward freight agreements, or FFAs. Generally, FFAs and other derivative instruments may be used to hedge the Company’s exposure to the charter market for a specified route and period of time. Upon settlement, if the contracted charter rate
is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the
contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the
settlement sum. The FFAs are not intended to serve as an economic hedge for the Company’s vessels that are being chartered in the spot market, but are assumed across all dry bulk vessel sectors based on the Company’s views of the underlying
markets and short-term outlook. The Company measures the fair value of all open positions at each reporting date on this basis (Level 1). There were no open positions as of December 31, 2025 and <span style="font-weight: normal;">2024</span>.
The Company’s FFAs do not qualify for hedge accounting and therefore gains or losses are recognized in the consolidated statements of income under “Loss on forward freight agreements, net” and in the consolidated statements of cash flows in
changes in operating assets and liabilities.</span><br/>
</div>
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<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="text-align: justify; font-weight: normal; font-size: 10pt; color: rgb(0, 0, 0);">(ad)</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0);"><span style="font-weight: normal; font-size: 10pt;">Share and warrant repurchases</span></span></div>
</td>
</tr>
</table>
</div>
<div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal;"> <span style="font-weight: normal;"><br/>
</span></span></div>
<div><span style="font-weight: normal;"> </span></div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">The Company records the repurchase of its common shares and warrants at cost. The Company’s common shares repurchased for retirement are
immediately cancelled and the Company’s common stock is accordingly reduced. Any excess of the cost of the shares over their par value is allocated in additional paid-in capital, in accordance with ASC 505-30-30, Treasury Stock. For warrants
repurchased, if the instrument is classified as equity, any cash paid in the settlement is recorded as an offset to additional paid-in capital. The Company has no outstanding warrants as of December 31, 2025.</div>
0
<div>
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<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(af)</span></div>
</td>
<td style="text-align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">European Union’s Emissions Trading System</span></div>
</td>
</tr>
</table>
</div>
<div><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The </span>European <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Union’s</span> Emissions Trading System (“EU ETS”) was extended to cover <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the maritime transportation industry commencing
January 1, 2024, with application to all large</span> ships <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">of at least</span> 5,000 gross <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">tonnage. Vessels are in the scope of the scheme for those</span> voyages <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which begin, end</span> or<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> pass through European Union (“EU”) waters. The Company has an obligation </span>to surrender EU ETS emissions allowances (“<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">EUAs”) to the EU</span> for each ton of reported <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">greenhouse gas</span> emissions in the scope of the EU ETS.<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Where</span> vessels <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">are operated under time charters, such</span> EUAs <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">due to the EU </span>are provided <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to the Company </span>by the charterers <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">pursuant </span>to the <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">terms of the time charter agreement</span>.</div>
<div><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Liabilities in relation to </span>EUAs <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">obligations under the EU ETS, but not yet</span> surrendered<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</span> are <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">categorized as</span> “Accrued liabilities” if settlement to the EU is due within 12 months of the reporting date<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">,</span> and within “Other non-current liabilities” if settlement is due after 12 months of the reporting date. <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The liability is based on the total
number of EUAs required to be submitted based on level of emissions occurring on or prior to the period end. For partially completed voyages, the value of the liability is initially estimated using the cost of EUAs that may be
required to be submitted at the reporting date and updated following completion of the voyage. An equal and opposite asset is recognized in relation to EUAs due from charterers, within “Other current assets” or in case when the
charterer has provided the Company with EUAs within “Intangible assets”. EUAs purchased and held by the Company intended to be used to settle its EUA obligations are categorized as intangible assets, valued at cost. These assets are
not subject to amortization but are reviewed for impairment at the reporting date.</span></div>
<div><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As of December 31, 2025 and 2024, the Company recorded $368 and $698 in “Other current assets” and $1,336 and $1,671 in “Accrued liabilities”,
respectively.</div>
<div><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">As of December 31, 2025 and 2024, the Company held EUAs amounting to $1,493 and $973, respectively, that <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">were provided by the charterers and are </span>expected to be surrendered in September 2026 and September 2025, respectively, and are classified as <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">“</span>Intangible assets<span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">”</span> in the accompanying consolidated balance sheets. The
Company also held EUAs amounting to $67 and $60, respectively, to settle future EUA obligations and are classified as <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">“</span>Intangible assets,
non-current<span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">”</span> in the accompanying consolidated balance sheets as of December 31, 2025 and 2024, respectively.</div>
368000
698000
1336000
1671000
1493000
973000
67000
60000
<div>
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<td style="text-align: right; vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(ag)</span></div>
</td>
<td style="text-align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;">Foreign currency exchange rates forward contract</div>
</td>
</tr>
</table>
</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">When deemed appropriate from a risk management perspective, the Company enters into forward contracts to hedge against the effect of
exchange rate fluctuations on cash flows denominated in foreign currencies. Foreign currency forward contracts are agreements entered into with a financial services institution to exchange, at a specified future date, currencies of
different countries at a specific rate. Foreign currency forward contracts are recorded on the Company’s balance sheet as assets or liabilities and are measured at fair value. As of December 31, 2025, the forward contract is presented
as an asset under “Foreign exchange forward contract” in the consolidated balance sheet. The valuation of forward contracts is based on Level 2 observable inputs of the fair value hierarchy, such as forward foreign exchange rate
curves. Cash inflows/outflows attributed to foreign currency forward derivative instruments, if any, are reported within cash flows from operating activities in the consolidated statements of cash flows.</div>
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<td style="text-align: right; vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(ah)</span></div>
</td>
<td style="text-align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;">Investment in equity securities</div>
</td>
</tr>
</table>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div><span style="font-family: 'Times New Roman';"> </span></div>
<div><span style="font-family: 'Times New Roman';"> </span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Investments that are not accounted for under equity method are in scope of ASC 321 “Investments – Equity Securities”. The Company elects
to measure equity security without a readily determinable fair value that does not qualify for the practical expedient to estimate fair value in accordance with paragraph ASC 820-10-35-59 at its costs minus impairment, if any, plus or
minus changes resulting from observable price changes in orderly transactions for identical or similar investments . The Company reassesses at each reporting period whether the investment without the readily determinable value
qualifies to be measured in accordance with this paragraph. At each reporting period, the Company makes a qualitive assessment considering impairment indicators such as significant deterioration in earning performance, significant
adverse change in general market conditions and factors that raise significant concerns about the investee’s ability to continue as going concern.</div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Recent Accounting Pronouncements</span></div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;"><br/>
</span></span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In November 2024, the FASB issued ASU 2024-03, <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Income
Statement – Reporting Comprehensive Income – Expenses Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses</span>. The standard is intended to require more detailed disclosure about specified
categories of expenses (including employee compensation, depreciation and amortization) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December
15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the
effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the impact this standard will have on its financial statements.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In July 2025, the FASB issued ASU No. 2025-05, <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Financial
Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets</span>, which provides a practical expedient related to the estimation of expected credit losses for current accounts
receivable and current contract assets that arise from transactions accounted for under ASC 606. The guidance is effective for annual periods beginning after December 15, 2025 and interim periods within those annual periods with early
adoption permitted. The Company expects the adoption of this standard will have a minimal impact on its consolidated financial statements and disclosures.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In December 2025, the FASB issued ASU No. 2025-12 to clarify, correct errors in or make other improvements to a broad range of topics in
the Accounting Standards Codification (“ASC”), including ASC 260, <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Earnings Per Share</span>; ASC 325, <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Investments — Other</span>; and ASC 958, <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Not-for-Profit Entities</span>. The guidance is effective for all entities
for annual reporting periods beginning after 15 December 2026, and interim periods within those annual periods. Early adoption is permitted. Entities are required to apply the amendments to ASC 260 retrospectively to each prior
reporting period presented in the period of adoption. Entities can apply all other amendments in the period of adoption either (1) prospectively to all new transactions recognized on or after the date that the entity first applies the
amendments or (2) retrospectively to the beginning of the earliest comparative period presented, with an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of
financial position) as of the beginning of the earliest comparative period presented. An entity may elect the transition method on an issue-by-issue basis (except for the ASC 260 amendments). The Company evaluated the impact of this ASU
on its consolidated financial statements and determined that there is no effect on its results of operations.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">There are no other recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s
consolidated financial statements in the current or any future periods.</div>
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<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: #000000;">3.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;">Transactions with Related Parties:</div>
</td>
</tr>
</table>
</div>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Short-term loan facility:</div>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On April 25, 2025, the Company entered into an agreement to provide a $2,000 short-term loan facility to United Maritime Corporation (“United”). The facility bore interest of 10.0% per annum and was fully repaid on June 17, 2025, shortly after the completion of a vessel sale by United. The resulting interest income of $48 is presented in “Interest income - related party” in the accompanying consolidated statements of income.</div>
<div><br/></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">Management Agreements:</div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"> <br/>
</div>
<div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Master Management Agreement</span><br/>
</div>
<div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
</span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">On July 5, 2022, Seanergy entered into a master management agreement with United for the provision of technical,
administrative, commercial, brokerage and certain other services. Certain of these services are being contracted directly with Seanergy’s wholly owned subsidiaries, Seanergy Shipmanagement Corp. (“Seanergy Shipmanagement”) and Seanergy
Management. In consideration of Seanergy providing such services, United pays a fixed administration fee of $0.3 per vessel per day
to Seanergy<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">. The initial term of
the master management agreement with United expired on December 31, 2024, </span>and, pursuant to its terms, has since been<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> automatically extended for successive 12-month
periods. The master management agreement may be terminated immediately only for cause and at any time by either party with three months’
prior notice, and no termination fee will be payable.</span><br/>
<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
</span></div>
<div style="text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Technical
Management Agreement</div>
<div style="text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">In relation to
the technical management, Seanergy Shipmanagement is responsible for arranging (directly or by subcontracting) for the day-to-day operations, inspections, maintenance, repairs, drydocking, purchasing, insurance and claims handling. <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">On July 19, 2024, the technical management of one of United’s vessel with Seanergy Shipmanagement was terminated due to her sale and on September 10, 2024 and February 4, 2025, Seanergy
Shipmanagement undertook the technical management of two United vessels.</span> Between June 10, 2025 and September 16, 2025,
the technical management of two of United’s vessels with Seanergy Shipmanagement was terminated due to their sales.<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> As of December 31, 2025, Seanergy Shipmanagement earns a fixed management fee of $14 per month for the aforesaid services for four
United vessels.</span></div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div style="text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Commercial
Management Agreement</div>
<div style="text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
</div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Effective as
of April 1, 2023, Seanergy Management has entered into a commercial management agreement with United’s subsidiary, United Management Corp. (“United Management”) pursuant to which Seanergy Management acts as agent for United’s subsidiaries
for the commercial management of United’s vessels, including voyage monitoring, freight collection, postfixing, sale, purchase and bareboat chartering. United agreed to pay Seanergy Management a fee equal to 0.75% of the gross freight, demurrage and charter hire collected from the employment of United’s vessels. In addition, Seanergy Management
earns a fee equal to 1% of the contract price of any vessel bought, sold or bareboat chartered by them on United’s behalf, but
not including any vessels bought, sold or bareboat chartered from or to Seanergy, or any vessel sale relating to a sale and leaseback transaction.</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;"> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Right of First Refusal Agreement</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><br/>
</div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"> On July 5, 2022, Seanergy entered into a Right of First Refusal Agreement with United. Pursuant
to the agreement, Seanergy has a right of first refusal with respect to any opportunity available to United to sell, acquire or charter-in any Capesize vessel as well as with respect to chartering opportunities, other than short-term
charters with a term of 13 months or less, available to United for Capesize vessels. In addition, United has a right of first
offer with respect to any Capesize vessel transfers, assignments, sales or other dispositions by the <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Company. United exercised such right with respect to the sale of the <span style="font-style: italic;">Goodship</span> and the <span style="font-style: italic;">Tradership</span>
(Note 6). </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Both vessels were delivered to
United in February 2023. As of December 31, 2023, a gain on sale of vessel, net of sale expenses, amounting to $8,094 was
recognized and is presented as “Gain on sale of vessels, net </span>–<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> related party” in the consolidated statements of income (Note 6).</span> </div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> </span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> </div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">During the years ended December 31, 2025, 2024 and 2023, fees charged from Seanergy to United in
relation to the above-mentioned services amounted to $2,580, $2,578 and $3,198, respectively, and are presented in
“Fees from related parties” in the consolidated statements of income.</div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">As of December 31, 2025 and 2024, balance due from United amounted to $9,100 and $7,271, respectively, and is included in “Due from
related parties” in the accompanying consolidated balance sheets.</div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
2000000
0.10
48000
300
P12M
P3M
1
2
2
14000
4
0.0075
0.01
P13M
8094000
2580000
2578000
3198000
9100000
7271000
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: #000000;">4.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="color: #000000;">Cash and Cash Equivalents and Restricted Cash:<br/>
</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum
to the total of the same such amounts shown in the consolidated statements of cash flows:</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"> </div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div>
<div style="text-align: center; color: #000000; font-weight: bold;">2025<br/>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div>
<div style="text-align: center; color: #000000; font-weight: bold;">2024<br/>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Cash and cash equivalents</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">48,244</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">21,866</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Restricted cash</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">8,109</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">8,050</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Restricted cash, non-current</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: #000000;">6,300</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: #000000;">5,000</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cash and cash equivalents and restricted cash</div>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="color: rgb(0, 0, 0);">
<div style="color: rgb(0, 0, 0);">62,653</div>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: #000000;">34,916</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><br/>
<span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Restricted cash as of December 31, 2025 </span>includes a $8,000
term deposit as pledged, at the Company’s option, capital for a one-month period as per the October 2024 Alpha Bank Loan Facility (Note
8) and $109 of restricted deposits pledged as collateral for credit cards balances with one of the Company’s financial institutions. Restricted cash, non-current as of December 31, 2025 includes $3,000 of minimum liquidity requirements as per the February 2025 Piraeus Bank Loan Facility (Note 8), $2,800 of minimum liquidity requirements as per the December 2025 Danish Ship Finance Loan Facility (Note 8) and $500 of minimum liquidity requirements as per the June 2022 Alpha Bank Loan Facility (Note 8). Minimum liquidity, not legally restricted, as of December 31, 2025, of $10,000 as per the Company’s credit facilities’ covenants, is included in “Cash and cash equivalents” in the consolidated balance sheet.<br/>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">Restricted cash as of December 31, 2024 includes $8,000 as pledged, at the Company’s option, capital for a one-month
interest period as per the October 2024 Alpha Bank Loan Facility (Note 8) and $50 of restricted deposits pledged as collateral for
credit cards balances with one of the Company’s financial institutions. Restricted cash, non-current as of December 31, 2024
includes $2,000 of minimum liquidity requirements as per the June 2022 Piraeus Bank Loan Facility (Note 8), $2,000 of minimum liquidity requirements as per the October 2022 Danish Ship Finance Loan Facility (Note 8), $500 of minimum liquidity requirements as per the August 2021 Alpha Bank Loan Facility (Note 8), $500 of minimum liquidity requirements as per the June 2022 Alpha Bank Loan Facility (Note 8). Minimum liquidity, not legally restricted, as of December 31, 2024, of $9,500 as per the Company’s credit facilities’ covenants, is included in “Cash and cash equivalents” in the consolidated balance sheet.<br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum
to the total of the same such amounts shown in the consolidated statements of cash flows:</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"> </div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div>
<div style="text-align: center; color: #000000; font-weight: bold;">2025<br/>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div>
<div style="text-align: center; color: #000000; font-weight: bold;">2024<br/>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Cash and cash equivalents</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">48,244</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">21,866</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Restricted cash</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">8,109</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">8,050</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Restricted cash, non-current</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: #000000;">6,300</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: #000000;">5,000</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Cash and cash equivalents and restricted cash</div>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="color: rgb(0, 0, 0);">
<div style="color: rgb(0, 0, 0);">62,653</div>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: #000000;">34,916</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
48244000
21866000
8109000
8050000
6300000
5000000
62653000
34916000
8000000
P1M
109000
1
3000000
2800000
500000
10000000
8000000
P1M
50000
1
2000000
2000000
500000
500000
9500000
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0);">5.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0);">Inventories:</span></div>
</td>
</tr>
</table>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> <br/>
</span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">As of December 31, 2025 and 2024, inventories amounted to $<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">1,634</span> and $<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">1,693</span>,
respectively, in the accompanying consolidated balance sheets related to lubricants.</span></div>
1634000
1693000
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0);">6.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0);">Vessels, Net:</span></div>
</td>
</tr>
</table>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> </div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> </div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: top; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"> </div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div>
<div style="text-align: center; color: #000000; font-weight: bold;">2025<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div>
<div style="text-align: center; color: #000000; font-weight: bold;">2024<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Cost:</div>
</td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Beginning balance</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">610,137</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">511,935</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">- Additions</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">70,231</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">98,202</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">- Disposals</div>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">(28,823</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">-</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Ending balance</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">651,545</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">610,137</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"> </div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Accumulated depreciation:</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Beginning balance</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">(125,645</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">(101,459</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">- Depreciation for the period</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">(29,600</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">(24,186</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">- Disposals</div>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">10,242</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">-</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Ending balance</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">(145,003</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">(125,645</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"> </div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"><br/>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net book value</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: #000000; font-weight: bold;">506,542</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: #000000; font-weight: bold;">484,492</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: bold; font-style: italic; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Acquisitions</span><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">On August 25, 2025, following the exercise of
the purchase obligation of the <span style="font-style: italic;">Blueship</span> bareboat charter, an amount of $31,009 was
derecognized from Finance Lease, Right-of-use Assets (Note 7) and recognized as “Vessels, net” in the accompanying consolidated balance sheet. The acquisition of the vessel was financed through the Kowa Blueship Sale and Leaseback (Note 8).<br/>
<br/>
On December 12, 2024, the Company entered into an agreement with an unaffiliated party for the purchase of a secondhand Newcastlemax vessel, the <span style="font-style: italic;">Meiship</span>, for a gross purchase price of $<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">37,000</span>. On December 13, 2024, the Company paid an advance of $<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">3,700</span>
according to terms of the agreement and the advance was included in “Advances for vessel acquisition” in the consolidated balance sheet as of December 31, 2024. Delivery of the vessel took place on February 27, 2025. The acquisition of the
vessel was financed with cash on hand and through the February 2025 Piraeus Bank Loan Facility (Note 8).<br/>
</span></div>
<div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> <br/>
</span></div>
<div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">On October 24, 2024, following the exercise of
the purchase option of the <span style="font-style: italic;">Titanship </span>bareboat charter, an amount of $28,412 was
derecognized from Finance Lease, Right-of-use Assets<span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> (Note 7)</span> and
recognized as “Vessels, net” in the accompanying consolidated balance sheet. The acquisition of the vessel was financed through the October 2024 Alpha Bank Loan Facility (Note 8).<br/>
<br/>
On March 18, 2024, the Company entered into an agreement with an unaffiliated party for the purchase of a secondhand Capesize vessel, the <span style="font-style: italic;">Kaizenship</span>, for a gross purchase price of $35,600. The vessel was delivered to the Company on October 1, 2024. The acquisition of the vessel was financed with cash on hand and through the
Hinode Sale and Leaseback (Note 8).<br/>
<br/>
On February 5, 2024, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize vessel, the <span style="font-style: italic;">Iconship</span>, for a gross purchase price of $33,660. The vessel was delivered to the Company on June 11, 2024. The acquisition of the vessel was financed with cash on hand and through the AVIC
Iconship Sale and Leaseback (Note 8).<br/>
<br/>
During the years ended December 31, 2025 and 2024, amounts of $2,222 and $530, respectively, of improvements were capitalized that concern improvements on vessels performance and meeting environmental standards mainly due to installation of ballast water
treatment systems and other energy saving devices. The cost of these additions was accounted as major improvement and were capitalized over the vessels’ cost and will be depreciated over the remaining useful life of each vessel. Amounts paid
within the year for the additions are included in “Vessels acquisitions and improvements” under “Cash flows from investing activities” in the consolidated statement of cash flows.<br/>
</span><br/>
</div>
<div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">As of </span>December 31, 2025<span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">, all vessels, except for the vessels financed through other financial liabilities for which ownership is held by the lessors (i.e., sale and leaseback agreements) are mortgaged to secure loans of the Company
(Note 8).</span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">
<br/>
</span></div>
<div style="text-align: justify;"><span style="font-weight: bold; font-style: italic; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Advances
for vessels under construction</span><br/>
<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> On October 19, 2025, the Company
entered into an agreement with Hengli Shipbuilding (Dalian) Co. and Hengli Shipbuilding (Singapore) Pte. Ltd., for the construction of a newbuilding scrubber fitted Capesize vessel, <span style="font-style: italic;">(“Newbuilding 5”)</span>,
for a gross purchase price of $75,159. The vessel is expected to be delivered in the second quarter of 2027. The acquisition of the
vessel will be financed with cash on hand and through a sale and leaseback agreement with an affiliate of China Huarong Shipping Financial Leasing Company Ltd. (“Huarong”) (Note 16).<br/>
<br/>
On November 28, 2025, the Company entered into an agreement for the acquisition of a newbuilding scrubber fitted Newcastlemax vessel, <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="font-style: italic;">(“Newbuilding 1”)</span></span></span>, from Jiangsu Hantong Ship Heavy Industry Co., Ltd., for a gross purchase price of $75,750. The vessel is expected to be delivered in the second quarter of 2028. The acquisition of the vessel will be financed with cash on hand and
through a sale and leaseback agreement with an affiliate of BOC Financial Leasing Corporation Limited. (“BOCL”) (Note 16).<br/>
<br/>
An amount of $118 of expenses were capitalized and are recognized as “Vessels under construction” in the accompanying consolidated
balance sheet.</span><br/>
</span></div>
<div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><br/>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">
<span style="font-style: italic; font-weight: bold;"><span style="font-weight: bold; font-style: italic; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Gain on sale of vessel, net</span><span style="font-style: italic;"><br/>
</span></span><br/>
On July 30, 2025, the Company entered into an agreement with an unaffiliated party for the sale of a secondhand Capesize vessel, the <span style="font-style: italic;">Geniuship</span>, for a gross purchase price of $21,590. The vessel was delivered to her new owners on September 10, 2025. During the year ended December 31, 2025, a gain on sale of vessel, net of
sale expenses, amounting to $2,308 was recognized and is presented as “Gain on sale of vessel, net” in the consolidated statements of
income.</span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">
<br/>
</span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">
<span style="font-style: italic; font-weight: bold;"><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Gain on sale of vessels,
net</span> – related party</span><br/>
<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
On December 27, 2022, the Company entered into an agreement with United for the sale of a secondhand Capesize vessel, the <span style="font-style: italic;">Goodship</span>, for a gross purchase price of $<span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">17,500</span></span>. The vessel was delivered to her new owners on February
10, 2023. During the year ended December 31, 2023, a gain on sale of vessel, net of sale expenses, amounting to $<span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">4,887</span> was recognized and is presented as “Gain on sale of vessels, net -
related party” in the consolidated statements of income.<br/>
<br/>
On December 27, 2022, the Company entered into an agreement with United for the sale of a secondhand Capesize vessel, the <span style="font-style: italic;">Tradership</span>, for a gross purchase price of $<span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">18,750</span></span></span>. The vessel was delivered to her new owners on February 28, 2023.
During the year ended December 31, 2023, a gain on sale of vessel, net of sale expenses, amounting to $<span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">3,207</span> was recognized and is presented as “Gain on sale of vessels, net - related party” in
the consolidated statements of income.</span><br/>
</span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> </div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: top; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"> </div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div>
<div style="text-align: center; color: #000000; font-weight: bold;">2025<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div>
<div style="text-align: center; color: #000000; font-weight: bold;">2024<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Cost:</div>
</td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Beginning balance</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">610,137</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">511,935</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">- Additions</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">70,231</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">98,202</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">- Disposals</div>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">(28,823</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">-</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Ending balance</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">651,545</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">610,137</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"> </div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Accumulated depreciation:</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Beginning balance</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">(125,645</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">(101,459</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">- Depreciation for the period</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">(29,600</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">(24,186</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">- Disposals</div>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">10,242</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">-</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Ending balance</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">(145,003</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">(125,645</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"> </div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"><br/>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net book value</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: #000000; font-weight: bold;">506,542</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: #000000; font-weight: bold;">484,492</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
610137000
511935000
70231000
98202000
28823000
0
651545000
610137000
125645000
101459000
29600000
24186000
10242000
0
145003000
125645000
506542000
484492000
31009000
37000000
3700000
28412000
35600000
33660000
2222000
530000
75159000
75750000
118000
21590000
2308000
17500000
4887000
18750000
3207000
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0);">7.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0);">Finance Lease, Right-of-use Assets and Finance Lease Liabilities:</span></div>
</td>
</tr>
</table>
</div>
<div><br/>
</div>
<div style="text-align: justify;"><span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> On January
23, 2025, the Company entered into a six-month bareboat charter agreement with an unaffiliated third party for a secondhand Capesize
vessel, the <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Blueship</span>. The Company advanced a down payment of $4,000
which was paid upon signing of the agreement and another down payment of $4,000 upon delivery of the vessel to the Company, which took
place on February 25, 2025. The Company was paying a daily charter rate of $10 over the period of the bareboat charter. At the end of the
bareboat period, the Company had an obligation to purchase the vessel for $22,500. The Company had classified the above transaction as a
finance lease. At the commencement date, the Company recognized a finance lease liability equal to the present value of lease payments during the bareboat charter period using an incremental borrowing rate of 4.65%. The Company recognized a <span style="-sec-ix-hidden:Fact_7845b19631d341f4928e7beda66f89a2">finance lease liability</span>
of $23,747 and a corresponding right-of-use asset of $32,381 which also included $334 of initial direct costs. The amount of the
right-of-use-asset was amortized on a straight-line method based on the estimated useful life of the vessel. On August 25, 2025, the Company exercised the purchase <span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">obligation </span>for the <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Blueship </span>and
purchased the vessel at a price of $22,500 which was financed from the Kowa Blueship Sale and Leaseback (Note 8). Following the exercise
of the purchase <span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">obligation</span>, the
unamortized balance of $31,009 was transferred from “Finance Lease, Right-of-use Assets” to “Vessels, net” (Note 6) in the accompanying
consolidated balance sheet.<br/>
</span></div>
<div style="text-align: justify;"><span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
</span></div>
<div style="text-align: justify;"><span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On May 9,
2023, the Company entered in<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">to a </span>twelve-month<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> bareboat c</span>harter agreement with an unaffiliated third party for a secondhand Newcastlemax vessel, the <span style="font-style: italic;">Titanship</span>. The Company
advanced a down payment of $<span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">3,500</span> which was paid upon signing of the agreement and another down payment of $3,500 upon delivery of the vessel to the Company, which took place on October 24, 2023. The Company was paying a daily bareboat rate of $<span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">9</span> over the period of the </span>twelve-month<span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> bareboat charter. At the end of the bareboat period, the Company
had an option to purchase the vessel for $<span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">20,210</span>, which the Company exercised. The Company had classified the above transaction as a finance lease. At the commencement date, the Company
recognized a finance lease liability equal to the present value of lease payments during the bareboat charter period using an incremental borrowing rate of <span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">5.4%</span>.
The Company recognized a finance lease liability of $22,388 and a corresponding right-of-use asset of $29,998 which also included $<span style="font-family: 'Times New Roman'; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">610</span> of initial direct costs. The amount of the
right-of-use-assets was amortized on a straight-line method based on the estimated useful life of the vessel. On October 24, 2024, the Company exercised the purchase option for the <span style="font-style: italic;">Titanship </span>and purchased
the vessel at a price of $20,210 which was financed from the October 2024 Alpha Bank Loan Facility (Note 8). Following the exercise of
the purchase option, the unamortized balance of $28,412 was transferred from “Finance Lease, Right-of-use Assets” to “Vessels, net” (Note
6) in the accompanying consolidated balance sheet.<br/>
<br/>
During the years ended December 31, 2025, 2024 and 2023, the amortization of the right-of-use assets amounted to $1,050, $1,150 and $436, respectively, and is
presented in the Company’s consolidated statements of income under “Depreciation and amortization”. Interest expense on the finance lease liability for the same period amounted to $518, $898 and $219, respectively (Note 13).<br/>
</span></div>
P6M
4000000
4000000
10000
22500000
0.0465
23747000
32381000
334000
22500000
31009000
P12M
3500000
3500000
9000
P12M
20210000
0.054
22388000
29998000
610000
20210000
28412000
1050000
1150000
436000
518000
898000
219000
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">8.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Long-Term Debt and Other Financial Liabilities:</span></div>
</td>
</tr>
</table>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> </div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span> </div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; letter-spacing: normal; text-transform: none; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">December 31,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">2025
</span> </div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">December 31,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">2024
</span> </div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Long-term debt and other financial liabilities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">293,958</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">261,451</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Less: Deferred finance costs and debt discounts</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(3,798</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(3,864</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">290,160</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">257,587</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Less - current portion</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(54,940</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(37,401</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Long-term portion</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">235,220</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">220,186</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span> </div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-style: italic; font-weight: bold;">Senior long-term debt</div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span> </div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">New Loan Facilities during the year ended December 31, 2025</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-size: 10pt;"><br/>
</span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-weight: normal; font-size: 10pt;">February 2025 Piraeus Bank Loan Facility</span><span style="font-size: 10pt;"><br/>
</span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal;"> <br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-style: normal; font-weight: normal;">On February 24, 2025, the Company entered into a
facility agreement with Piraeus Bank S.A. (“Piraeus Bank”) for a $53,560 term loan for the purpose of (i) refinancing the June 2022
Piraeus Bank Loan Facility, which was secured by the <span style="font-style: italic;">Worldship and Honorship</span> and (ii) partially financing the acquisition cost of the <span style="font-style: italic;">Meiship</span>. The facility was
drawn on February 25, 2025. The loan bears interest at <span style="-sec-ix-hidden:Fact_70f08aec7e3f4e29ae091040a9366ac2">term SOFR</span> plus a margin of 2.05% per annum. A sustainability linked margin adjustment mechanism was introduced, whereby the applicable interest margin can be decreased by 0.05% per annum, per vessel
based on the achievement of certain emission thresholds. The facility has a five-year term and the repayment schedule comprises 20 quarterly installments of $1,450 and a final balloon of $24,560
payable together with the final installment. The Company is required to maintain a corporate leverage ratio (as defined therein) not exceeding 70%
until maturity. In addition, the Company is required to maintain a security cover ratio (as defined therein) of not less than 125%
until the second anniversary of the drawdown date and 130% thereafter until the maturity of the loan. The borrowers are required to
maintain an aggregate minimum liquidity amount of $3,000 in their operating accounts. As of December 31, 2025, the amount outstanding
under the February 2025 Piraeus Bank Loan Facility was $49,210.</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal;"><br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal;">December 2025 Danish Ship Finance Loan Facility</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal;"><br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal;"><span style="font-style: normal;">On December 12, 2025, the Company
entered into a facility agreement with Danish Ship Finance A/S (“DSF”) for a $45,279 term loan for the purpose of (i) refinancing
the October 2022 Danish Ship Finance Loan Facility, which was secured by the <span style="font-style: italic;">Premiership, Fellowship and Championship</span>, (ii) financing the purchase obligation of the <span style="font-style: italic;">Flagship</span>
under the Flagship Cargill Sale and Leaseback and (iii) general corporate purposes. The facility was drawn on December 12, 2025. The loan facility was divided into five tranches. Tranche A, secured by the <span style="font-style: italic;">Fellowship</span>, and Tranche B, secured by the <span style="font-style: italic;">Premiership</span>,
each have a <span style="-sec-ix-hidden:Fact_ad8e9c1ed1f44fb39c981eaacd3858ef"><span style="-sec-ix-hidden:Fact_7dc9dd6eab88415a94c9ba0f4a7b1801">twenty-two-month</span></span> term and a repayment schedule comprising eight quarterly installments of $518 and a final balloon of $2,071
payable together with the final installments. Each of Tranche A and Tranche B bears interest of <span style="-sec-ix-hidden:Fact_952ec01e9d0c481192190fa22c7ad90e"><span style="-sec-ix-hidden:Fact_8956583a6af942e18d9225dcb7aed0a0">term SOFR</span></span> plus a margin of 2.50% per annum and each borrower is required to maintain a minimum liquidity amount of $650. Tranche C, secured by the <span style="font-style: italic;">Championship</span>, has a <span style="-sec-ix-hidden:Fact_e38c8f23ddf044208fda6a899a6e9a97">twenty-eight-month</span> term and a repayment schedule comprising ten
quarterly installments of $585
and a final balloon of $2,930 payable together with the final installment. Tranche C bears interest of <span style="-sec-ix-hidden:Fact_8181bf984bce484c97721c936aedf212">term SOFR</span> plus a margin of 2.65%
per annum, while the borrower is required to maintain a minimum liquidity amount of $700. Tranche D, secured by the <span style="font-style: italic;">Flagship</span>, has a five-year term and a repayment schedule comprising twenty quarterly installments of $750 and a final balloon of $1,800
payable together with the final installment. Tranche D bears interest of <span style="-sec-ix-hidden:Fact_075b339ff5f84c6fb88dbfe1e31b7d57">term SOFR</span> plus a margin of 2.10% per annum, while the borrower is required to maintain a minimum liquidity amount of $800. Tranche E, secured by the <span style="font-style: italic;">Fellowship, Premiership and Championship</span>, has a <span style="-sec-ix-hidden:Fact_a11255659ad44fda8c73e5c7b431a783">three-and-a-half-year</span> term and a repayment schedule comprising fourteen
quarterly installments of $519.
Tranche E bears interest of <span style="-sec-ix-hidden:Fact_536d83d326454e64994a1eed078a0a68">term SOFR</span> plus a margin of 1.95% per annum. A sustainability linked margin adjustment mechanism applies to all five tranches, whereby the interest margin can be increased or decreased by 0.05% based on
certain emission thresholds. In addition, the Company is required to maintain a security cover ratio (as defined therein) of not less than 133%,
at any time when the corporate leverage ratio (as defined therein) is equal to or less than 65%. If the corporate leverage ratio
is higher than 65%, the Company is required to maintain a security cover ratio (as defined therein) of not less than 143%. Finally, the Company is required to maintain a leverage ratio (as defined therein) not exceeding 70% until the maturity of the loan. As of December 31, 2025, the amount outstanding under the December 2025 DSF Loan Facility was $45,279.</span><br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt;"><br/>
</span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal;"><span style="font-style: normal;"> <span style="font-weight: bold; font-style: italic;">Loan Facilities amended during the year ended December 31, 2025</span><br/>
</span></span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal;"><span style="font-style: normal;"><span style="font-weight: bold; font-style: italic;"> <br/>
</span></span></span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal;"><span style="font-style: normal;"><span style="font-weight: bold; font-style: italic;"> <span style="font-style: italic; font-weight: normal;">June 2022 Alpha Bank Loan Facility</span></span></span></span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal;"><span style="font-style: normal;"><span style="font-weight: bold; font-style: italic;"><span style="font-style: italic; font-weight: normal;"><span style="font-style: normal;"> <br/>
</span></span></span></span></span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal;"><span style="font-style: normal;"><span style="font-weight: bold; font-style: italic;"><span style="font-style: italic; font-weight: normal;"><span style="font-style: normal;">On June 21, 2022, the Company entered into a facility agreement with Alpha Bank S.A. for a $21,000 term loan secured by the <span style="font-style: italic;">Dukeship</span>. The loan facility bore interest at SOFR plus a margin of
2.95% per annum and the term is four years. On September 23, 2025, the Company entered into a supplemental agreement to reduce the margin to 2.40%
per annum plus term SOFR, with retroactive effect from June 2025.</span></span></span></span></span> <span style="font-style: normal; font-weight: normal;">The relevant amendment was assessed based on the provisions of ASC 470-50 and
was treated as debt modification. </span><span style="font-weight: normal;"><span style="font-style: normal;"><span style="font-weight: bold; font-style: italic;"><span style="font-style: italic; font-weight: normal;"><span style="font-style: normal;">In addition, the Company has the option to pledge cash in the form of time deposits, up to the aggregate amount of the loan outstanding at that time. For the part of the loan equal to the pledged amount, the margin will be
reduced to 0.75% per annum for the term of the pledged time deposit, which as per the agreement shall coincide with an
interest period of the facility. The repayment schedule comprises four quarterly installments of $1,000 followed by twelve quarterly
installments of $500 and a final balloon of $11,000 payable together with the sixteenth installment. In addition, the Company is required to maintain a security requirement ratio (as defined therein) not less than 125%. The borrower is required to maintain minimum liquidity of $500 in its operating account. The loan facility was cross collateralized with the August 2021 Alpha Bank Loan Facility until it was fully repaid. As of December 31, 2025, the
amount outstanding under the facility was $12,000.</span><br/>
</span></span></span></span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal;"><span style="font-style: normal;"><span style="font-weight: bold; font-style: italic;"><span style="font-style: italic; font-weight: normal;"><span style="font-style: normal;"> <br/>
</span></span></span></span></span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal;"><span style="font-weight: bold;">Pre – Existing Loan Facilities</span><span style="font-style: normal;"><span style="font-weight: bold; font-style: italic;"><span style="font-style: italic; font-weight: normal;"><span style="font-style: normal;"><br/>
</span></span></span></span></span></div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span> </div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-style: italic;">October 2024 Alpha Bank Loan Facility</div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span> </div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On October 21, 2024, the Company entered into a facility agreement with Alpha Bank S.A. for a $34,000 term loan for the purpose of (i) refinancing the December 2022 Alpha Bank Loan Facility, which was secured by the <span style="font-style: italic;">Paroship</span>,
(ii) financing the purchase option for the <span style="font-style: italic;">Titanship</span> (Note 7) and iii) providing liquidity for working capital purposes. The facility was drawn on October 22, 2024. The loan bears interest of <span style="-sec-ix-hidden:Fact_9d8f3503fb5042cb91800b325d523e5a">term SOFR</span> plus a margin of 2.40% per
annum. The Company has the option to pledge cash deposits in the form of time deposit up to the aggregate amount of the loan outstanding at the time. For the part of the loan equal to the pledged amount, the applicable margin is reduced to 0.75% per annum, for the term of the pledged time deposit, which as per the agreement shall coincide with an interest period of the facility. The term
of the facility is five years, and the repayment schedule comprises four quarterly installments of $1,200, followed by sixteen quarterly installments of $900 and a
final balloon of $14,800 payable together with the final installment. In addition, the Company is required to maintain a security cover
ratio (as defined therein) of not less than 125%. The refinancing of the December 2022 Alpha Bank Loan Facility was assessed based on
the provisions of ASC 470-50 and was treated as debt modification. As of December 31, 2025, the outstanding amount under the facility was $29,200.</div>
<div style="text-align: justify; color: rgb(0, 0, 0);"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span> </div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt;">Loan Facilities repaid during the years ended December 31, 2025 and 2024<br/>
</span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-size: 10pt;"><br/>
</span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-size: 10pt;"><span style="font-weight: normal;">August 2021 Alpha Bank Loan Facility</span><br/>
</span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-size: 10pt;"><br/>
</span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-style: normal; font-weight: normal;">On August 9, 2021, the Company entered into a
facility agreement with Alpha Bank S.A. for a $44,120 term loan for the purpose of (i) refinancing a pre-existing Alpha Bank loan
facility which was secured by the <span style="font-style: italic;">Leadership</span>, the <span style="font-style: italic;">Squireship and the Lordship</span> and (ii) financing the previously unencumbered <span style="font-style: italic;">Friendship</span>.
Originally, the loan was divided into two tranches as follows: Tranche A, corresponding to the <span style="font-style: italic;">Squireship</span>
and the <span style="font-style: italic;">Lordship</span> and Tranche B, corresponding to the <span style="font-style: italic;">Friendship</span>. On June 30, 2022, the Company entered into a supplemental agreement to the facility pursuant to
which, the August 2021 Alpha Bank Loan Facility was cross collateralized with the June 2022 Alpha Bank Loan Facility discussed above. On April 28, 2023, the Company prepaid $8,506 of Tranche A and $3,470 of Tranche B using the proceeds from the
Village Seven Sale and Leaseback (described below) and as a result all the securities regarding the <span style="font-style: italic;">Lordship </span>were irrevocably and unconditionally released. Following the prepayment of the <span style="font-style: italic;">Lordship</span>, the amortization schedule of the remaining tranches was amended whereby Tranche A was repayable through seven
quarterly installments of $601
each and a final balloon of $10,284 payable together with the final installment and Tranche B was repayable through eight quarterly installments of $258 each and a final balloon of $3,918
payable together with the final installment. Tranche A bore interest of <span style="-sec-ix-hidden:Fact_ce620e19986e4b3cb83f2532944771f5">term SOFR</span> plus a margin of 3.55% per annum and Tranche B bore interest of <span style="-sec-ix-hidden:Fact_c3100231152f4acda2823ed79d3e63bf">term SOFR</span>
plus a margin of 3.30% per annum. The borrower owning the <span style="font-style: italic;">Squireship</span> was required to
maintain an average quarterly minimum free liquidity of $500, whereas the borrower owning the <span style="font-style: italic;">Friendship</span>
was required to maintain $500 at all times. On March 20, 2025, the Company fully refinanced the outstanding amount of $10,885 under the Tranche A and $4,434
under the Tranche B of the facility using the proceeds from the Huarong Squireship Sale and Leaseback and the Huarong Friendship Sale and Leaseback, respectively, and all securities created in favor of Alpha Bank were irrevocably and
unconditionally released.</span> <span style="font-weight: normal; font-style: normal;">On that date, as a result of the full prepayment, an amount of $28
relating to deferred finance costs and other related expenses was recognized as loss on debt extinguishment according to the debt extinguishment guidance of ASC 470-50 “Debt Modifications and Extinguishments” and was included in “Loss on
extinguishment of debt” in the consolidated statements of income.</span></div>
<div><span style="font-size: 10pt;"><br/>
</span> </div>
<div><span style="font-weight: normal; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;">Sinopac Loan Facility</span><span style="font-size: 10pt;"><br/>
</span> </div>
<div style="font-size: 10pt;"><span style="font-weight: normal;"> <br/>
</span></div>
<div style="text-align: justify; font-size: 10pt;"><span style="font-style: normal; font-weight: normal; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;">On
December 20, 2021, the Company entered into a $15,000 loan facility with <span style="font-style: italic;">Sinopac</span> Capital
International (HK) Limited to refinance a part (Tranche B) of a pre-existing facility with Entrust Global secured by, inter alia, the <span style="font-style: italic;">Geniuship</span>. The interest rate was <span style="-sec-ix-hidden:Fact_0ca2417b4bb44ca0a6bac92558772046">term SOFR</span> plus a margin of 3.50% per
annum. The principal was repayable over a five-year term, through four quarterly installments of $530 followed by 16 quarterly installments of $385 and a final balloon payment of
$6,720 payable together with the last installment. On September 10, 2025, in connection with the disposal of the <span style="font-style: italic;">Geniuship</span>, the Company fully prepaid the outstanding loan amount of $9,030. On that date, as a
result of the full prepayment, an amount of $63 relating to deferred finance costs and other related expenses was recognized as loss
on debt extinguishment according to the debt extinguishment guidance of ASC 470-50 “Debt Modifications and Extinguishments” and was included in “Loss on extinguishment of debt” in the consolidated statements of income.</span></div>
<div style="font-size: 10pt;"><span style="font-weight: normal;"><br/>
</span></div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span>
<span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-style: italic;">June 2022 Piraeus Bank Loan Facility</div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span> </div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">On June 22, 2022, the Company entered into a facility agreement with Piraeus Bank
S.A. for a $38,000 sustainability-linked loan for the purpose of (i) refinancing the pre-existing Piraeus Bank loan facility, which was
secured by the <span style="font-style: italic;">Worldship</span> and (ii) partly financing the acquisition cost of the <span style="font-style: italic;">Honorship</span>. The loan bore interest of <span style="-sec-ix-hidden:Fact_8ae683341e444618a0c4ab26a3a1f1cc"><span style="-sec-ix-hidden:Fact_30202bbab8a64fd2a65869b7a612a811">term SOFR</span></span> plus a margin of 3.00% per annum and a credit
adjustment spread (as defined therein). On November 29, 2024, the Company entered into a second supplemental agreement to (i) extend the maturity to December 24, 2027, (ii) amend the repayment schedule by adding two quarterly installments of $750, (iii) reduce the pre-existing margin of 3.00% to 2.60% per annum with
retroactive effect from June 25, 2024, and (iv) eliminate the credit adjustment spread with retroactive effect from June 25, 2024. The facility was repayable through four quarterly installments of $2,000, followed by two quarterly installments of $1,500, followed by sixteen quarterly installments of $750 and a final balloon of $15,000
payable together with the final installment. The borrowers were required to maintain an aggregate minimum liquidity amount of $2,000 in
their operating accounts. On February 27, 2025, the Company fully refinanced the outstanding amount of $24,000 using the proceeds from
the February 2025 Piraeus Bank Loan Facility and all securities created in favor of Piraeus Bank were irrevocably and unconditionally released.</div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div><span style="font-size: 10pt;"><br/>
</span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-style: italic;">October 2022 Danish Ship Finance Loan Facility</div>
<div><span style="font-size: 10pt;"> <span style="font-family: 'Times New Roman';"> </span> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">On October 10, 2022, the Company entered into a facility agreement with Danish
Ship Finance A/S for a $28,000 term loan for the purpose of refinancing a pre-existing loan facility with UniCredit Bank AG, which
was secured by the <span style="font-style: italic;">Premiership</span> and the <span style="font-style: italic;">Fellowship</span>. The October 2022 Danish Ship Finance Loan Facility, initially divided into two equal tranches, bore interest of SOFR plus a margin of 2.50% per annum and had a term of five years. The repayment schedule of
each tranche comprised six quarterly
installments of $780 followed by fourteen
quarterly installments of $518
and a final balloon of $2,100 payable together with the twentieth installment. Each borrower was required to maintain minimum
liquidity of $650 in its retention account.</div>
<div><span style="font-size: 10pt;"> <span style="font-family: 'Times New Roman';"> </span> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On April 18, 2023, the Company amended and restated the loan facility with Danish Ship Finance A/S entered in October 2022 to refinance the
pre-existing sale and leaseback with Cargill, which was secured by the <span style="font-style: italic;">Championship</span>. The amended and restated facility included a new tranche secured by the <span style="font-style: italic;">Championship</span>,
while a sustainability adjustment mechanism was introduced in respect of the underlying interest rate of the facility. The new tranche had a five-year
term and the repayment schedule comprised eight quarterly installments of $725 followed by twelve quarterly installments of $585 and a final balloon of $2,930
payable together with the final installment. The interest rate was 2.65% over 3-month term SOFR per annum, which could be increased or decreased by 0.05%
based on certain emission reduction thresholds. For the new tranche secured by the <span style="font-style: italic;">Championship</span>, the borrower was required to maintain a minimum liquidity amount of $700.<br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-size: 10pt;"><br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On December 12, 2025, the Company fully refinanced the outstanding amount of $21,207 using the proceeds from the December 2025 Danish Ship Finance Loan Facility and all securities created in favor of DSF were irrevocably and unconditionally released.<br/>
</div>
<div><span style="font-size: 10pt;"><br/>
</span> </div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;">December 2022 Alpha Bank Loan
Facility</span></div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On December 15, 2022, the Company entered into a facility agreement with Alpha Bank S.A. for a $16,500 term loan for the purpose of partly financing the acquisition cost of the <span style="font-style: italic;">Paroship</span>. The interest rate of the facility was
equal to 2.90% plus <span style="-sec-ix-hidden:Fact_940c2f75cfa24be59905cfbc3e1884c7">term SOFR</span>
per annum. The principal was scheduled to be repaid over a four-year term, through four quarterly installments of $525, followed by twelve quarterly installments of $400 and
a final balloon of $9,600 payable together with the last installment. The borrower was required to maintain minimum liquidity of $500 in its operating account. On October 22, 2024, the Company refinanced the facility using the proceeds from the October 2024 Alpha Bank Loan
Facility and all securities created in favor of Alpha Bank were irrevocably and unconditionally released.</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-size: 10pt;"><br/>
</span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">As of December 31, 2025, each of the facilities mentioned above was secured
by a first priority mortgage over the respective vessel, general assignments covering the respective vessel’s earnings, charter parties, insurances and requisition compensation, account pledge agreements covering the vessel’s earnings
accounts, technical and commercial managers’ undertakings, pledge agreements covering the shares of the applicable vessel-owning subsidiaries and a corporate guarantee by the Company. In addition, certain of these loan facilities were
secured by specific charterparty assignments, for charterparties exceeding 13 months in duration and hedging assignment
agreements.</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-size: 10pt;"><br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Other Financial Liabilities - Sale and Leaseback Transactions</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-size: 10pt;"><br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">New Sale and Leaseback Activities during the year ended December 31, 2025</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-size: 10pt;"><br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Huarong Friendship Sale and Leaseback</div>
<div><span style="font-size: 10pt;"> <span style="font-family: 'Times New Roman';"> </span> <span style="font-family: 'Times New Roman';"> </span> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt;">On March 13, 2025, the Company entered into a $16,500 sale and leaseback agreement for the <span style="font-style: italic;">Friendship </span>with an affiliate of Huarong to refinance Tranche B of the
August 2021 Alpha Bank Loan Facility, secured by the <span style="font-style: italic;">Friendship</span>. The agreement became effective on March 20, 2025, upon the delivery of the <span style="font-style: italic;">Friendship </span>to
the lessor.</span> <span style="font-family: 'Times New Roman';">Under ASC 842-40, the transaction was accounted for as a financial liability, as control remains with the Company and the <span style="font-size: 10pt; font-style: italic;">Friendship</span> will continue to be recorded as an asset on the Company’s consolidated balance sheet.</span> <span style="font-size: 10pt;">The Company sold and chartered back the vessel on a bareboat basis for a five-year period, having a purchase obligation at the end of the fifth year. The charterhire principal amortizes in 20 quarterly
installments of $443 along with a purchase obligation of $7,650 at the expiry of the bareboat charter, bearing an interest rate of 3-month
<span style="-sec-ix-hidden:Fact_9835a21d0e2d4533ae94a5134c7b9067">term SOFR</span> plus 2.15%
per annum. The Company has continuous options to repurchase the vessel at any time during the bareboat charter period at predetermined prices, as set forth in the agreement, following the first anniversary of the bareboat charter.
The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions. The charterhire principal, as of December 31, 2025, was $15,173.</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-size: 10pt;"><br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Huarong Squireship Sale and Leaseback</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-size: 10pt;"><br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt;">On March 13, 2025, the Company entered into a $18,000 sale and leaseback agreement for the <span style="font-style: italic;">Squireship </span>with an affiliate of Huarong to refinance Tranche A of the August 2021 Alpha Bank
Loan Facility, secured by the <span style="font-style: italic;">Squireship</span>. The agreement became effective on March 20, 2025, upon the delivery of the <span style="font-style: italic;">Squireship </span>to the lessor.</span>
Under ASC 842-40, the transaction was accounted for as a financial liability, as control remains with the Company and the <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Squireship</span> will continue
to be recorded as an asset on the Company’s consolidated balance sheet.<span style="font-size: 10pt;"> The Company sold and chartered back the vessel on a bareboat basis for a five-year period, with a purchase obligation at the end of the fifth year. The charterhire principal amortizes in twenty quarterly installments of $475 followed by a purchase obligation of $8,500
at the expiry of the bareboat charter, bearing an interest rate of 3-month <span style="-sec-ix-hidden:Fact_a70f7bca006047bfb66391dc6bec9742">term SOFR</span> plus 2.15% per annum. The Company has
continuous options to repurchase the vessel at any time during the bareboat charter period at predetermined prices, as set forth in the agreement, following the first anniversary of the bareboat charter. The sale and leaseback agreement
does not include any financial covenants or security value maintenance provisions. The charterhire principal, as of December 31, 2025, was $16,575.</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt;"><br/>
</span> </div>
<div><span style="font-style: italic; font-size: 10pt; font-family: 'Times New Roman';">Kowa
Blueship Sale and Leaseback </span></div>
<div><span style="font-size: 10pt;"><br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt;">On August 6, 2025, the Company entered into a $22,500 sale and leaseback agreement for the <span style="font-style: italic;">Blueship </span>with Kowa Kaiun Co. Ltd. and T.A.C.K. Shipping S.A. (collectively, “Kowa”) for the
purpose of financing the purchase option cost of the <span style="font-style: italic;">Blueship</span>. The agreement became effective on August 25, 2025, upon the delivery of the <span style="font-style: italic;">Blueship </span>to
the lessor.</span> Under ASC 842-40, the transaction was accounted for as a financial liability, as control remains with the Company and the <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Blueship</span>
will continue to be recorded as an asset on the Company’s consolidated balance sheet.<span style="font-size: 10pt;"> The Company sold and chartered back the vessel on a bareboat basis for a five-year period. The Company has continuous options to repurchase the vessel at any time during the bareboat charter period at predetermined prices, as set forth in
the agreement, following the second anniversary of the bareboat charter, while Kowa has a put option at the end of the fifth year. The charterhire principal amortizes in sixty monthly installments paid in advance at $268, along with the final purchase and put options of $6,429 payable at the expiry of the bareboat charter. The leaseback agreement bears an interest rate of 3-month <span style="-sec-ix-hidden:Fact_7e52690e883a442ea8b0d67dc4070d37">term SOFR</span> plus 2.40% per annum. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions. The charterhire principal, as of
December 31, 2025, was $21,161.</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt;"> <br/>
</span></div>
<div><span style="font-size: 10pt; font-style: italic; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;">Huarong Hellasship Sale and Leaseback</span><br/></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt;"><br/>
On December 29, 2025, the Company entered into a $24,675 sale and leaseback agreement for the <span style="font-style: italic;">Hellasship</span> with an affiliate of Huarong to refinance the AVIC Hellasship Sale and Leaseback.</span> Under ASC 842-40, the transaction was accounted for as a financial liability, as control remains with the
Company and the <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Hellaship</span> will continue to be recorded as an asset on the Company’s consolidated balance sheet.<span style="font-size: 10pt;">
The Company sold and chartered back the vessel on a bareboat basis for an <span style="-sec-ix-hidden:Fact_4e7a206eb9e641609d096bf01849716e">eighty-one-month</span> period, having a purchase
obligation at the end of the bareboat agreement. The charterhire principal amortizes in 27 quarterly installments of $670
along with a purchase obligation of $6,585 at the expiry of the bareboat charter, bearing an interest rate of 3-month <span style="-sec-ix-hidden:Fact_c9291478461246b8a731a6a3e6d7ead4">term SOFR</span> plus
2.00% per annum. The Company has continuous options to repurchase the vessel at any time of the bareboat charter period
at predetermined prices as set forth in the agreement following the first anniversary of the bareboat charter. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions.<br/>
<br/>
The agreement became effective on January 8, 2026, upon the delivery of the <span style="font-style: italic;">Hellasship</span> to the lessor (Note 16).</span></div>
<div><span style="font-size: 10pt;"> </span></div>
<div style="font-style: italic;"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-style: italic; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Huarong Iconship Sale and Leaseback</span><br/>
<br/>
On December 29, 2025, the Company entered into a $25,900 sale and leaseback agreement for the <span style="font-style: italic;">Iconship</span> with an affiliate of Huarong to refinance the AVIC Iconship Sale and Leaseback. Under ASC 842-40, the transaction was accounted for as a financial liability, as control remains with the Company and the <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Iconship</span> will continue to be recorded as an asset on the Company’s consolidated balance sheet. The Company sold and chartered back the vessel on a
bareboat basis for an <span style="-sec-ix-hidden:Fact_dc2ac2d1bb4f4eeb8875a4bc7ac4dc57">eighty-one-month </span> period, having a purchase obligation at the end of the bareboat agreement. The
charterhire principal amortizes in 27 quarterly installments of $650 along with a purchase obligation of $8,350 at the expiry of the bareboat charter, bearing an interest rate of 3-month <span style="-sec-ix-hidden:Fact_a285dfa31ead4f71a95b4f943114dd96">term SOFR</span> plus 2.00% per annum. The Company has continuous options to repurchase the vessel at any time of the bareboat charter period at predetermined
prices as set forth in the agreement following the first anniversary of the bareboat charter. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions.<br/>
<br/>
The agreement became effective on January 8, 2026, upon the delivery of the <span style="font-style: italic;">Iconship</span> to the lessor (Note 16).<br/>
</div>
<div> <br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-style: italic; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Huarong Patriotship Sale and Leaseback</span><br/>
<br/>
On December 29, 2025, the Company entered into a $21,875 sale and leaseback agreement for the <span style="font-style: italic;">Patriotship</span> with an affiliate of Huarong to refinance the AVIC Patriotship Sale and Leaseback. Under ASC 842-40, the transaction was accounted for as a financial liability, as control remains with the Company and the <span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Patriotship</span> will continue to be recorded as an asset on the Company’s consolidated balance sheet. The Company sold and chartered back the vessel on a
bareboat basis for an <span style="-sec-ix-hidden:Fact_c473829e529c42e88ef44b69fe089432">eighty-one-month </span> period, having a purchase obligation at the end of the bareboat agreement. The
charterhire principal amortizes in 27 quarterly installments of $688 along with a purchase obligation of $3,313 at the expiry of the bareboat charter, bearing an interest rate of 3-month <span style="-sec-ix-hidden:Fact_6ba6271158854680ab88d6199291e4b3">term SOFR</span> plus 2.00% per annum. The Company has continuous options to repurchase the vessel at any time of the bareboat charter period at predetermined
prices as set forth in the agreement following the first anniversary of the bareboat charter. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions.<br/>
<br/>
The agreement became effective on January 8, 2026, upon the delivery of the <span style="font-style: italic;">Patriotship</span> to the lessor (Note 16).<br/>
</div>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Existing Sale and Leaseback Agreements</div>
<div><br/>
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<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Chugoku Bank Sale and Leaseback</div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On February 25, 2022, the Company entered into a sale and leaseback transaction with Chugoku Bank, Ltd. to refinance the
prior indebtedness secured by the <span style="font-style: italic;">Partnership</span>. The drawdown of the funds under the sale and leaseback agreement occurred on March 9, 2022. Under ASC 842-40, the transaction was
accounted for as a financial liability, as control remained with the Company and the <span style="font-style: italic;">Partnership</span> was recorded as an asset on the Company’s balance sheet. The financing amount was $21,300 and the interest rate was <span style="-sec-ix-hidden:Fact_aa30d7e1fd9942ffa2208d1932187fc0">SOFR</span> plus a margin of 2.90% per annum. The principal
was repayable over an eight-year term, through 32 quarterly installments averaging at
approximately $590, followed by a purchase option of $2,388 at the expiration of the bareboat. Following the second anniversary of the bareboat charter, the Company had continuous options to repurchase
the vessel at predetermined prices as set forth in the agreement. As of December 31, 2025, the amount outstanding under the Chugoku Bank Sale and Leaseback was $12,567.</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
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<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On March 9, 2026, the Company refinanced the outstanding amount of $11,976 (Note 16).<br/>
</div>
<div><br/></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Evahline Sale and Leaseback</div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><span style="font-family: 'Times New Roman';">On March 29, 2023,
the Company entered into a $19,000 sale and leaseback agreement with a subsidiary of Evahline Inc. (“Evahline”) for the
refinancing of a pre-existing sale and leaseback agreement with Hanchen Limited, an affiliate of AVIC. The agreement became effective on April 6, 2023, upon the delivery of the <span style="font-style: italic;">Knightship</span> to
the lessor. Under ASC 842-40, the transaction was accounted for as a financial liability, as control remains with the Company and the <span style="font-style: italic;">Knightship</span> will continue to be recorded as an asset on
the Company’s consolidated balance sheet. The Company sold and chartered back the vessel from Evahline on a bareboat basis for a six-year
period. The applicable interest rate is 3-month <span style="-sec-ix-hidden:Fact_379b80b37864478d92af41d365dc03d4">term SOFR</span> plus 2.80% per annum. Following the
second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the six-year bareboat period, the ownership of the vessel will be transferred to the Company at no additional cost. The Company is required to maintain a minimum
value (as defined therein) of at least 120% of the charterhire principal. The charterhire principal amortizes in seventy-two consecutive monthly installments paid in advance averaging at $264. The charterhire principal as of December 31, 2025 was $10,292.</span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><span style="font-family: 'Times New Roman';"> <br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Village Seven Sale and Leaseback</div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><span style="font-family: 'Times New Roman';">On
April 24, 2023, the Company entered into a $19,000 sale and leaseback agreement for the <span style="font-style: italic;">Lordship</span> with Village Seven Co., Ltd and V7 Fune Inc. (collectively, “Village Seven”) to partially refinance the August 2021 Alpha Bank Loan Facility. Under ASC 842-40, the transaction was accounted for as a
financial liability, as control remains with the Company and the <span style="font-style: italic;">Lordship</span> will continue to be recorded as an asset on the Company’s balance sheet. The Company sold and chartered back the
vessel from Village Seven on a bareboat basis for a period of four years and five months. The applicable interest rate
is 3-month <span style="-sec-ix-hidden:Fact_374147ff1a294faa80fc8e636608ead7">term SOFR</span>
plus 3.00% per annum. Following the second anniversary of the bareboat charter, the Company has continuous options to
repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the bareboat period, the Company has the option to repurchase the vessel at the price of $7,811, which the Company expects to exercise. The sale and leaseback agreement does not include any financial covenants or security value maintenance
provisions. The charterhire principal amortizes in fifty-three consecutive monthly installments paid in advance
averaging at $211. The charterhire principal as of December 31, 2025 was $12,018.</span></div>
<div><br/></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">AVIC Hellasship Sale and Leaseback</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On June 4, 2024, the Company entered into a $19,500 sale and leaseback agreement with Hao Leo Limited (“Hao Leo”), an affiliate of AVIC International Leasing Co., Ltd. to partially refinance the CMBFL Sale and
Leaseback, secured by the <span style="font-style: italic;">Hellasship</span> and <span style="font-style: italic;">Patriotship</span>. The agreement became effective on June 28, 2024, upon the delivery of the <span style="font-style: italic;">Hellasship</span> to the lessor. The Company sold and chartered back the vessel on a bareboat basis for a five-year period, having a purchase obligation at the end of the fifth year. Under ASC 842-40, the transaction was accounted for as a financial liability, as control
remained with the Company and the <span style="font-style: italic;">Hellaship</span> was recorded as an asset on the Company’s consolidated balance sheet. The charterhire principal was repayable in four quarterly
installments of $700 followed by sixteen quarterly installments of $388 along with a purchase obligation of $10,500 at the expiry of the bareboat charter, while it bore an interest rate of 3-month <span style="-sec-ix-hidden:Fact_91ee9a124b8649e1adfb8dd742f97e01">term SOFR</span> plus 2.55% per annum. The installments were paid in advance. The Company had continuous options to repurchase the vessel at any time
of the bareboat charter period and at predetermined prices as set forth in the agreement. As of December 31, 2025, the amount outstanding under the AVIC Hellasship Sale and Leaseback was $15,538.</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-size: 10pt;"><br/>
</span> </div>
<div style="text-align: justify;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On January 8, 2026, the Company refinanced the outstanding amount of $15,538
using the proceeds from the Huarong Hellasship Sale and Leaseback (Note 16). </span><br/>
</span></div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">AVIC Iconship Sale and Leaseback</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On June 4, 2024, the Company entered into a $21,905 sale and leaseback agreement with Hao Cancer Limited (“Hao Cancer”), an affiliate of AVIC International Leasing Co., Ltd. to partially finance the acquisition of
the <span style="font-style: italic;">Iconship</span>. The agreement became effective on June 11, 2024, upon the delivery of the vessel to the lessor. Under ASC 842-40, the transaction was accounted for as a financial liability,
as control remained with the Company and the <span style="font-style: italic;">Iconship</span> was recorded as an asset on the Company’s balance sheet. The Company sold and chartered back the vessel on a bareboat basis for a five-year period, having a purchase obligation at the end of the fifth year. The charterhire principal was repayable in four quarterly
installments of $750 followed by sixteen quarterly installments of $463 along with a purchase obligation of $11,500 at the expiry of the bareboat charter, while it bore an interest rate of 3-month <span style="-sec-ix-hidden:Fact_72bae6b67d784e08a7e11671af31654f">term SOFR</span> plus 2.55% per annum. The installments were paid in advance. The Company had continuous options to repurchase the vessel at any time of
the bareboat charter period and at predetermined prices as set forth in the agreement. As of December 31, 2025, the amount outstanding under the AVIC Iconship Sale and Leaseback was $17,517.</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On January 8, 2026, the Company refinanced the outstanding amount of $17,517 using the proceeds from the Huarong Iconship Sale and Leaseback (Note 16). <br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">AVIC Patriotship Sale and Leaseback</div>
<div><span style="font-size: 10pt;"><br/>
</span> </div>
<div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On June 4, 2024, the Company entered into a $16,874 sale and leaseback agreement with
Hao Virgo Limited (“Hao Virgo”), an affiliate of AVIC International Leasing Co., Ltd. to partially refinance the CMBFL Sale and Leaseback, secured by the </span><span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;">Hellasship</span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> and </span><span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;">Patriotship</span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">.</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The agreement became effective on June 28, 2024, upon the delivery of the </span><span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;">Patriotship </span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">to the lessor. The Company sold and chartered back the
vessel on a bareboat basis for a five-year period, having a purchase obligation at the end of the fifth year.
Under ASC 842-40, the transaction was accounted for as a financial liability, as control remained with the Company and the</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;">Patriotship <span style="font-style: normal;">was</span> </span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">recorded as an asset on the Company’s balance sheet. The charterhire principal was repayable
in four quarterly
installments of $600 followed by sixteen quarterly installments of $311 along with a purchase obligation of $9,500 at the expiry of the bareboat charter, while it bore an interest rate of 3-month
<span style="-sec-ix-hidden:Fact_1c0ebbeb74024098b67fdb8f83e943f8">term SOFR</span> plus 2.55%
per annum. The installments were paid in advance. The Company had continuous options to repurchase the vessel at any time of the bareboat charter period and at predetermined prices as set forth in the agreement. As of
December 31, 2025, the amount outstanding under the AVIC Patriotship Sale and Leaseback was $13,541.</span></div>
<div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On January 8, 2026, the Company refinanced the outstanding amount of $13,541 using the proceeds from the Huarong Patriotship Sale and Leaseback (Note 16). </div>
<div><span style="font-family: 'Times New Roman';"> <br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Hinode Sale and Leaseback</div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span> </div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On August 29, 2024, the Company entered into a $28,500 sale and leaseback agreement with Hinode Kaiun Co., Ltd and Sunmarine Maritime S.A. (collectively, “Hinode”) for the purpose of financing part of the acquisition
cost of the </span><span style="font-style: italic; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Kaizenship.</span><span style="font-size: 10pt; font-family: 'Times New Roman';"> </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The agreement became effective on October 1, 2024, upon the delivery of the </span><span style="font-style: italic; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Kaizenship</span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> to the lessor. The Company sold and chartered back the vessel from Hinode on a bareboat
basis for a six-year period, with a purchase obligation at the end of the sixth year. Under ASC 842-40, the
transaction was accounted for as a financial liability, as control remains with the Company and the </span><span style="font-style: italic; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Kaizenship</span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> will continue to be recorded as an asset on the Company’s consolidated balance sheet. The charterhire principal amortizes in seventy-two consecutive monthly installments paid in advance at $288 each, bearing an interest rate of 1-month <span style="-sec-ix-hidden:Fact_3c1a078c463b4c7da1cd1d90052691e6">term SOFR</span> plus 2.50%
per annum. Following the fourth anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the bareboat period, the
Company has an obligation to purchase the vessel at the price of $8,250. The sale and leaseback agreement does not
include any financial covenants or security value maintenance provisions. The charterhire principal as of December 31, 2025 was $23,889.</span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</span></div>
<div><span style="font-family: 'Times New Roman';"> </span></div>
<div><span style="font-family: 'Times New Roman';"> </span></div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-style: italic; font-weight: bold;">Sale and Leaseback Agreements repaid during the year ended December 31, 2025 and 2024</div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-style: italic; font-weight: bold;"> <br/>
</div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-style: italic;">Flagship Cargill Sale and Leaseback</div>
<div><br/></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt;"><span style="font-family: 'Times New Roman';">On May 11, 2021, the Company entered into a $20,500 sale and leaseback agreement with Cargill for the purpose of financing part of the acquisition cost of the <span style="font-style: italic;">Flagship</span>. The Company sold and chartered back the
vessel from Cargill on a bareboat basis for a five-year period, with a purchase obligation at the end of the fifth year. Under ASC
842-40, the transaction was accounted for as a financial liability, as control remained with the Company and the <span style="font-style: italic;">Flagship</span> was recorded as an asset on the Company’s consolidated balance sheet. The
implied average applicable interest rate was equivalent to 2% per annum. <span style="font-family: 'Times New Roman';">The
charterhire principal was repayable in sixty monthly installments averaging approximately $175 each along with a purchase obligation of <span style="font-family: 'Times New Roman';">$10,000</span>, payable at maturity. </span>The Company had continuous options to buy back the vessel during the whole five-year sale and leaseback period at predetermined prices as set forth in the agreement. Additionally, at the time of repurchase, if the market value of the vessel was
greater than certain threshold prices, as set forth in the agreement, the Company would pay to Cargill 15% of the difference
between the market price and such threshold prices (the “Asset Upside Amount”). The Company recognized a participation liability of $1,106
as of December 31, 2024, which was included under “Other liabilities – non-current” in the consolidated balance sheets. On December 12, 2025, the Company exercised its option to purchase the <span style="font-style: italic;">Flagship </span>for
$10,920 by using the proceeds from the December 2025 Danish Ship Finance Loan Facility. On that date, as a result of the
refinancing, an amount of $1,572 relating to deferred finance costs and other related expenses was recognized as loss on debt
extinguishment according to the debt extinguishment guidance of ASC 470-50 “Debt Modifications and Extinguishments” and was included in “Loss on extinguishment of debt” in the consolidated statements of income.</span> The total participation
liability at December 12, 2025 amounted to $2,216, of which $1,108 was paid upon the settlement of the sale and leaseback agreement and the remaining $1,108
will be applied against the vessel’s hire over the next couple of years under the extended time charter with Cargill. As of December 31, 2025, the amounts of $594 and $490 are included in “Accrued liabilities” and “Other liabilities,
non-current”, respectively.</div>
<div style="text-align: justify; color: rgb(0, 0, 0);"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">CMBFL Sale and Leaseback</div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span> </div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On June 22, 2021, the Company entered into sale and leaseback agreements for the </span><span style="font-style: italic; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Hellasship </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">and the </span><span style="font-style: italic; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Patriotship </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">in the total amount of a $30,900 with CMB Financial Leasing (“CMBFL”) for
the purpose of financing the outstanding acquisition price of both vessels. T<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">he financings bore interest at <span style="-sec-ix-hidden:Fact_93171233a0124765b816782382c7fef7">term SOFR</span> plus a margin of 3.50% per annum. </span>The
Company had the option to buy back the vessels between the end of the second year until the end of the fifth year at predetermined prices as defined in the agreement. Under ASC 842-40, the transaction was accounted for as a financial
liability.</span><span style="font-weight: bold; font-style: italic; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The
charterhire principal was repayable in twenty quarterly installments of $780 each along with a balloon payment of $15,300 at maturity. On June 28, 2024, the facility was refinanced by the AVIC Hellasship Sale and Leaseback and the AVIC Patriotship Sale and
Leaseback, while the outstanding charterhire principal of $21,540 was repaid in full. On that date, as a result of the refinancing,
an amount of $649 relating to deferred finance costs and other related expenses was recognized as loss on debt extinguishment
according to the debt extinguishment guidance of ASC 470-50 “Debt Modifications and Extinguishments” and was included in “Loss on extinguishment of debt” in the consolidated statements of income.</span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</span></div>
<div><span style="font-size: 10pt; font-family: 'Times New Roman';"> <span style="font-weight: normal; font-style: normal;">All of the Company’s secured facilities (i.e., long-term debt and other financial liabilities) bear floating interest at SOFR
plus a margin or fixed interest.</span> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"> <br/>
</div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">Certain of the Company’s long-term debt and other financial liabilities contain
financial covenants and undertakings requiring the Company to maintain various financial ratios, including:</div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span> </div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 18pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);">•</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);">a minimum borrower’s liquidity;</span></div>
</td>
</tr>
</table>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 18pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);">•</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);">a minimum guarantor’s liquidity;</span></div>
</td>
</tr>
</table>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 18pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);">•</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);">a security coverage requirement; and</span></div>
</td>
</tr>
</table>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 18pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);">•</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);">a leverage ratio.</span></div>
</td>
</tr>
</table>
</div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span>
<span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span> <span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span> <span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span> <span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span> </div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">As of December 31, 2025, the Company was in compliance with all covenants relating
to its loan facilities as at that date.</div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span> </div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><span style="font-family: 'Times New Roman';">As of December 31, 2025, ten of the Company’s owned vessels, having a net carrying value of $264,062, were subject to first and second priority mortgages as collaterals to their long-term debt facilities. In addition, the Company’s ten bareboat chartered vessels, having a net carrying value of $242,480
as of December 31, 2025, have been financed through sale and leaseback agreements. As is in typical leaseback agreements, the title of ownership is held by the relevant lenders.</span></div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span> </div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The annual principal payments required to be made after December 31, 2025 for all long-term debt and other financial liabilities, taking into consideration the
reclassification of short-term obligations refinanced to long-term for the sale and leaseback agreements with Huarong and BOCL (Note 16), are as follows:</div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"> <span style="font-size: 10pt;"><br/>
</span> </div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt; font-size: 10pt;">Twelve-month periods ending December 31,</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; font-size: 10pt;">Amount</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="font-size: 10pt;"><span style="text-indent: 0pt;">2026</span></span> </div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">56,903</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="font-size: 10pt;"><span style="text-indent: 0pt;">2027</span></span> </div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">59,243</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="font-size: 10pt;"><span style="text-indent: 0pt;">2028</span></span> </div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">43,233</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="font-size: 10pt;"><span style="text-indent: 0pt;">2029</span></span> </div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">50,519</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt; font-size: 10pt;">Thereafter</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">84,060</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt; font-size: 10pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">293,958</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
</div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span> </div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; letter-spacing: normal; text-transform: none; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">December 31,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">2025
</span> </div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">December 31,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">2024
</span> </div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Long-term debt and other financial liabilities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">293,958</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">261,451</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Less: Deferred finance costs and debt discounts</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(3,798</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(3,864</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">290,160</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">257,587</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Less - current portion</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(54,940</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(37,401</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Long-term portion</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">235,220</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">220,186</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
293958000
261451000
3798000
3864000
290160000
257587000
54940000
37401000
235220000
220186000
53560000
0.0205
P5Y
20
quarterly
1450000
24560000
0.70
1.25
1.30
3000000
49210000
45279000
5
8
8
quarterly
quarterly
518000
518000
2071000
2071000
0.025
0.025
650000
650000
10
quarterly
585000
2930000
0.0265
700000
P5Y
20
quarterly
750000
1800000
0.021
800000
14
quarterly
519000
0.0195
5
0.0005
1.33
0.65
0.65
1.43
0.70
45279000
21000000
0.0295
P4Y
0.024
0.0075
4
quarterly
1000000
12
quarterly
500000
11000000
1.25
500000
12000000
34000000
0.024
0.0075
P5Y
4
quarterly
1200000
16
quarterly
900000
14800000
1.25
29200000
44120000
2
8506000
3470000
7
quarterly
601000
10284000
8
quarterly
258000
3918000
0.0355
0.033
500000
500000
10885000
4434000
28000
15000000
0.035
P5Y
4
quarterly
530000
16
quarterly
385000
6720000
9030000
63000
38000000
0.03
2027-12-24
2
quarterly
750000
0.03
0.026
4
quarterly
2000000
2
quarterly
1500000
16
quarterly
750000
15000000
2000000
24000000
28000000
2
0.025
P5Y
6
quarterly
780000
14
quarterly
518000
2100000
650000
P5Y
8
quarterly
725000
12
quarterly
585000
2930000
0.0265
P3M
0.0005
700000
21207000
16500000
0.029
P4Y
4
quarterly
525000
12
quarterly
400000
9600000
500000
P13M
16500000
P5Y
20
quarterly
443000
7650000
P3M
0.0215
15173000
18000000
P5Y
20
quarterly
475000
8500000
P3M
0.0215
16575000
22500000
P5Y
60
monthly
268000
6429000
P3M
0.024
21161000
24675000
27
quarterly
670000
6585000
P3M
0.02
25900000
27
quarterly
650000
8350000
P3M
0.02
21875000
27
quarterly
688000
3313000
P3M
0.02
21300000
21300000
0.029
P8Y
32
quarterly
590000
2388000
12567000
11976000
19000000
P6Y
P3M
0.028
P6Y
1.20
72
264000
10292000
19000000
P4Y5M
P3M
0.03
7811000
53
211000
12018000
19500000
P5Y
4
quarterly
700000
16
quarterly
388000
10500000
P3M
0.0255
15538000
15538000
21905000
P5Y
4
quarterly
750000
16
quarterly
463000
11500000
P3M
0.0255
17517000
17517000
16874000
P5Y
4
quarterly
600000
16
quarterly
311000
9500000
P3M
0.0255
13541000
13541000
28500000
P6Y
72
288000
P1M
0.025
8250000
23889000
20500000
P5Y
0.02
60
175000
10000000
P5Y
0.15
1106000
10920000
-1572000
2216000
1108000
1108000
594000
490000
30900000
0.035
20
quarterly
780000
15300000
21540000
-649000
10
264062000
10
242480000
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The annual principal payments required to be made after December 31, 2025 for all long-term debt and other financial liabilities, taking into consideration the
reclassification of short-term obligations refinanced to long-term for the sale and leaseback agreements with Huarong and BOCL (Note 16), are as follows:</div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"> <span style="font-size: 10pt;"><br/>
</span> </div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt; font-size: 10pt;">Twelve-month periods ending December 31,</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; font-size: 10pt;">Amount</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="font-size: 10pt;"><span style="text-indent: 0pt;">2026</span></span> </div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">56,903</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="font-size: 10pt;"><span style="text-indent: 0pt;">2027</span></span> </div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">59,243</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="font-size: 10pt;"><span style="text-indent: 0pt;">2028</span></span> </div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">43,233</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="font-size: 10pt;"><span style="text-indent: 0pt;">2029</span></span> </div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">50,519</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt; font-size: 10pt;">Thereafter</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">84,060</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt; font-size: 10pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">293,958</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-size: 10pt; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
</div>
56903000
59243000
43233000
50519000
84060000
293958000
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;">
<tr>
<td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">9.</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: #000000;">Financial Instruments:</div>
</td>
</tr>
</table>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the
consolidated financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets
and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value:</span><br/>
<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> </div>
<div style="font-size: 10pt; font-family: 'Times New Roman';"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;">
<tr>
<td style="width: 18pt;"><br/>
</td>
<td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Level 1: Quoted market prices in active markets for identical assets or liabilities;</div>
</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;">
<tr>
<td style="width: 18pt;"><br/>
</td>
<td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data;</div>
</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;">
<tr>
<td style="width: 18pt;"><br/>
</td>
<td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Level 3: Unobservable inputs that are not corroborated by market data.</div>
</td>
</tr>
</table>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><span style="color: rgb(0, 0, 0);"><span style="font-size: 10pt; font-family: 'Times New Roman';"> </span><br/>
</span></div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="text-align: right; vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</span></div>
</td>
<td style="text-align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Significant Risks and Uncertainties, including Business and Credit Concentration</span></div>
</td>
</tr>
</table>
</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The
Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit
evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="text-align: right; vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</span></div>
</td>
<td style="text-align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="color: #000000;">Fair Value of Financial Instruments</span></div>
</td>
</tr>
</table>
</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The principal financial assets of the Company consist of Cash and cash equivalents, restricted cash, accounts receivable trade and other current
assets. The principal financial liabilities of the Company consist of trade accounts and other payables long-term debt and other financial liabilities.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The following methods and assumptions were used to estimate the fair value of each class of financial instruments:</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;">
<tr>
<td style="width: 18pt; vertical-align: top; align: right;">
<div style="color: #000000;">a.</div>
</td>
<td style="width: auto; vertical-align: top;">
<div style="text-align: justify; color: #000000;">Cash and cash equivalents, restricted cash, accounts receivable trade, other current assets subject to fair value measurement and trade accounts and other payables: the carrying amounts
approximate fair value because of the short maturity of these instruments. The carrying value approximates the fair market value for interest bearing cash classified as restricted cash, non-current.</div>
</td>
</tr>
</table>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;">
<tr>
<td style="width: 18pt; vertical-align: top; align: right;">
<div style="color: #000000;">b.</div>
</td>
<td style="width: auto; vertical-align: top;">
<div style="text-align: justify; color: #000000;">Long-term debt and other financial liabilities: The carrying value of long-term debt and other financial liabilities with variable interest rates (obtained through Level 2 inputs of the fair
value hierarchy) approximates the fair market value as the long-term debt and other financial liabilities bear interest at floating interest rate.</div>
</td>
</tr>
</table>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: #000000;">10.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="color: #000000;">Commitments and Contingencies:</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Contingencies</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Legal proceedings are a common aspect of the shipping industry and may arise from regulatory matters, contract disputes, or other operational issues. These may
include claims related to charter agreements, insurance matters, or regulatory compliance. In March 2024, a shareholder filed a lawsuit in the High Court of the Republic of the Marshall Islands against the Company and its board, alleging
fiduciary duty violations related to the issuance of the Series B Preferred Shares in December 2021. The plaintiff was not a shareholder of the Company at the time of the transction at issue in the complaint. The plaintiff sought, among other
things, to cancel the Series B Preferred Shares and claimed unspecified damages. In October 2024, the High Court dismissed the lawsuit in full, and in November 2024 the plaintiff filed a notice of appeal. Briefing on the appeal was concluded in
May 2025, and oral argument before the Supreme Court of the Republic of the Marshall Islands was held in February 2026. On February 20, 2026, the Supreme Court affirmed the High Court’s dismissal of the lawsuit and the litigation has been
concluded.<br/>
</div>
<div> </div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably
estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities that should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The
Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Commitments</div>
<div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-style: italic; font-weight: normal;">Voyage revenue</span><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company operates most of its vessels under lease agreements. Time charters typically may provide for charterers’ options to extend the lease terms
and termination clauses. The Company’s time charters range from 10 to 30 months. In addition, the time charters contain termination clauses which protect either the Company or the charterers from material adverse events. Variable lease payments in the
Company’s time charters vary based on changes on freight market index. The Company has the option to convert some of these variable lease payments to fixed based on the prevailing Capesize forward freight agreement rates.</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">The following <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at December 31, 2025. For index-linked time charter contracts the
calculation was made using the initial charter rates (these amounts do not include any assumed off-hire).</span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold;">Twelve-month periods ending December 31,</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">Amount</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0);">2026</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">114,072</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 88%; padding-bottom: 2px;" valign="bottom">2027</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">24,852<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000; font-weight: bold;">
<div style="color: rgb(0, 0, 0); font-weight: bold;">138,924</div>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div><br/></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;">Commitments under shipbuilding contracts</span><br/>
<br/>
<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On October 19, 2025, the Company entered
into an agreement with Hengli Shipbuilding (Dalian) Co. and Hengli Shipbuilding (Singapore) Pte. Ltd., for the construction of the <span style="font-style: italic;">Newbuilding 5</span> for a gross purchase price of $75,159. The vessel is expected to be delivered in the second quarter of 2027. The acquisition of the vessel will be financed with cash on hand and
through a sale and leaseback agreement with an affiliate of Huarong (Note 16).<br/>
<br/>
On November 28, 2025, the Company entered into an agreement for the acquisition of the <span style="font-style: italic;">Newbuilding 1</span>, from Jiangsu Hantong Ship Heavy Industry Co., Ltd., for a gross purchase price of $75,750. The vessel is expected to be delivered in the second quarter of 2028. The acquisition of the vessel will be financed with cash on hand and
through a sale and leaseback agreement with an affiliate of BOCL (Note 16).</span><br/>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table sets forth the Company’s contractual annual
payments to be made subsequent to December 31, 2025 based on commitments to non-cancelable contracts as at December 31, 2025.</span><br/>
</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Twelve-month periods ending December 31,</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Amount</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">2026<br/>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">44,996</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%;" valign="bottom">2027<br/>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">63,687</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">2028<br/>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">42,225</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">150,908</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div><br/>
</div>
<div><span style="font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">Lease payments – office space </span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In April 2018, the Company moved into its current office spaces under a five-year lease term, with a Company’s option to extend the lease term for another five-year
term. On September 16, 2020, the lease term was amended and set for ten years (i.e., April 2028), with a Company’s option to extend the
lease term for two consecutive five-year
terms thereafter. The monthly rent was set at Euro 12,747 and after the prepayment of Euro 250,000, on September 22, 2020 resulted in a reduced monthly rent of Euro 10,000
or ($11.8 based on the Euro/U.S. dollar exchange rate of €1.0000: $1.1763 as of December 31, 2025). Under ASC 842, the lease is classified as an operating lease and an “operating lease liability” and an “operating lease, right-of-use asset” based on the
present value of future minimum lease payments have been recognized on the balance sheet. The monthly rent expense is recorded in general and administration expenses. The rent expense for the years ended December 31, 2025, 2024 and 2023 was $172, $165 and $166, respectively.</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The weighted average discount rate that was used for the recognition of this lease, which was the Company’s incremental borrowing rate at lease commencement, is
approximately 6.24%. <span style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000;">The following table sets forth the Company’s undiscounted office rental obligations as at December 31, 2025:</span></div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Twelve-month periods ending December 31,</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt;">Amount</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2026</span><br/>
</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0);">141</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2027</span><br/>
</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0);">141</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2028</span><br/>
</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="color: rgb(0, 0, 0);">35</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="color: rgb(0, 0, 0);">317</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less: discount based on incremental borrowing rate<br/>
</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0);">(103</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0);">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Present value of operating lease liability</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0);">214</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"> </div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Operating lease liability, current</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0);">98</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Operating lease liability, non-current</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0);">116</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Present value of operating lease liability</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0);">214</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
P10M
P30M
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">The following <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at December 31, 2025. For index-linked time charter contracts the
calculation was made using the initial charter rates (these amounts do not include any assumed off-hire).</span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold;">Twelve-month periods ending December 31,</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">Amount</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0);">2026</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">114,072</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 88%; padding-bottom: 2px;" valign="bottom">2027</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">24,852<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000; font-weight: bold;">
<div style="color: rgb(0, 0, 0); font-weight: bold;">138,924</div>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
114072000
24852000
138924000
75159000
75750000
<div style="text-align: justify;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table sets forth the Company’s contractual annual
payments to be made subsequent to December 31, 2025 based on commitments to non-cancelable contracts as at December 31, 2025.</span><br/>
</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Twelve-month periods ending December 31,</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Amount</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">2026<br/>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">44,996</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%;" valign="bottom">2027<br/>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">63,687</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">2028<br/>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">42,225</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">150,908</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
44996000
63687000
42225000
150908000
P5Y
P5Y
P10Y
2
P5Y
12747
250000
10000
11800
1.1763
172000
165000
166000
0.0624
<span style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000;">The following table sets forth the Company’s undiscounted office rental obligations as at December 31, 2025:</span>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Twelve-month periods ending December 31,</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt;">Amount</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2026</span><br/>
</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0);">141</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2027</span><br/>
</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0);">141</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2028</span><br/>
</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="color: rgb(0, 0, 0);">35</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="color: rgb(0, 0, 0);">317</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less: discount based on incremental borrowing rate<br/>
</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0);">(103</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0);">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Present value of operating lease liability</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0);">214</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"> </div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Operating lease liability, current</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0);">98</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Operating lease liability, non-current</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0);">116</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Present value of operating lease liability</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0);">214</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
141000
141000
35000
317000
103000
214000
98000
116000
214000
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: #000000;">11.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="color: #000000;">Capital Structure:</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;">
<tr>
<td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(a)</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: #000000;">Preferred Stock</div>
</td>
</tr>
</table>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> </div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';">The Company is authorized to issue up to 25,000,000 registered shares of preferred stock with a par value of $0.0001. The board of directors of the Company is expressly granted the authority to issue preferred shares and to establish such series of preferred shares with such designations, preferences and
relative participating, rights, qualifications, limitations or restrictions as it determines. </span>As at December 31, 2025 and 2024, the Company had 20,000 series B preferred shares issued and outstanding with par value $0.0001
per share. <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The series B
preferred shares were issued on December 10, 2021, to the Company’s Chief Executive Officer, a related party, for a total cash consideration of $250.
The issuance of the Series B preferred shares was approved by a special independent committee of the board of directors of the Company which obtained a fairness opinion from an independent financial advisor regarding the value of the
preferred shares. Each series B preferred shares entitle the holder to 25,000 votes per share on all matters submitted to a
vote of the shareholders of the Company, provided however, that no holder of series B preferred shares may exercise voting rights pursuant to series B preferred shares that would result in the aggregate voting power of any beneficial
owner of such shares and its affiliates to exceed 49.99% of the total number of votes eligible to be cast on any matter
submitted to a vote of shareholders of the Company. The holder of series B preferred shares shall have no special voting or consent rights and shall vote together as one class with the holders of the common shares on all matters put
before the shareholders. The series B preferred shares are not convertible into common shares or any other security, are not redeemable, are not transferable and have no dividend rights. Upon any liquidation, dissolution or winding up of
the Company, the series B preferred shares will rank pari-passu with the common shareholders and shall be entitled to receive a payment equal to the par value of $0.0001 per share. The Series B preferred holder has no other rights to distributions upon any liquidation, dissolution or winding up of the Company.</span></div>
<div><br/></div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;">
<tr>
<td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(b)</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: #000000;">Common Stock</div>
</td>
</tr>
</table>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> </div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;">
<tr>
<td style="width: 36pt; vertical-align: top; text-align: right;">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">i)</div>
</td>
<td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
<div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt;">NASDAQ Notifications – Effect of reverse stock split</div>
</td>
</tr>
</table>
</div>
<div> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span></div>
<div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: justify;">On August 1, 2022,
the Company received written notification from The Nasdaq Stock Market (“Nasdaq”), indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from June 16, 2022, to July 29, 2022, was below the
minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace
period to regain compliance was 180 days, or until January 30, 2023. The Company could cure this deficiency if the closing bid price of its common stock was $1.00 per share or higher for at least ten consecutive business days during the grace
period. <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On January 31, 2023, the Company received written notification from
NASDAQ, indicating that the Company was granted an additional 180-day grace period, until July 31, 2023, to cure its non-compliance with Nasdaq Listing Rule 5550(a)(2). At the opening of trading on February 16, 2023, following the approval from
the Company’s Board of Directors on February 9, 2023, the Company effected a <span style="-sec-ix-hidden:Fact_9e9e34c51aff4861827a287e8c78434f">one-for-ten</span> reverse stock split of the Company’s common
stock. On March 3, 2023, the Company received written notification from Nasdaq that the Company regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company’s common stock.</span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;">
<tr>
<td style="width: 36pt; vertical-align: top; text-align: right;">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">ii)</div>
</td>
<td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
<div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt;">Dividends</div>
</td>
</tr>
</table>
</div>
<div> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span></div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';">On November 11, 2025, the Company declared a regular quarterly cash dividend of $0.13 per share for the third quarter of 2025, to all shareholders of record as of December 29, 2025.
The dividends amounting to $2,745 were paid on January 9, 2026 (Note 16) and are included in “Other current liabilities” as of December 31, 2025 in the </span><span style="font-family: 'Times New Roman';">accompanying
consolidated balance sheet.</span></div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">On August 4, 2025, the Company declared a
regular quarterly dividend of $0.05 per share for the second quarter of 2025, to all shareholders of record as of September 29, 2025. The dividends amounting to $1,056
were paid on October 10, 2025.</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">On May 26, 2025, the Company declared a
regular quarterly cash dividend of $0.05 per share for the first quarter of 2025, to all shareholders of record as of June 27, 2025. The dividends amounting to $1,045
were paid on July 10, 2025.</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">On March 5, 2025, the Company declared a
regular quarterly dividend of $0.10 per share for the fourth quarter of 2024, to all shareholders of record as of March 27, 2025. The dividends amounting to $2,090
were paid on April 10, 2025.</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> On November 1, 2024, the Company declared
a regular quarterly dividend of $0.26 per share for the third quarter of 2024 which was paid on January 10, 2025 to all shareholders of record as of December 27, 2024. The dividends amounting to $5,297 were paid on January 10, 2025.</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">On August 5, 2024, the Company declared a
regular quarterly cash dividend of $0.25 per share for the second quarter of 2024, to all shareholders of record as of September 27, 2024. The dividends amounting to $5,150
were paid on October 10, 2024.</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">On May 14, 2024, the Company declared a
regular quarterly cash dividend of $0.025 per share for the first quarter of 2024 and a special dividend of $0.125 per share, to all shareholders of record as of June 25, 2024. The dividends amounting to $3,108 were paid on July 10, 2024.</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">On March 5, 2024, the Company declared a
regular quarterly dividend of $0.025 per share for the fourth quarter of 2023 and a special dividend of $0.075 per share, to all shareholders of record as of March 25, 2024. The dividends amounting to $2,001 were paid on April 10, 2024.</div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span></div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">On January 10, 2024, the Company paid a regular quarterly dividend of $0.025
per share or $491 for the third quarter of 2023 to all shareholders of record as of December 22, 2023. <br/>
</div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"> <br/>
</div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">Total dividends declared in the years ended December 31, 2025 and December
31, 2024 amounted to $6,936 and $15,556,
respectively.</div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</span></div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;">
<tr>
<td style="width: 36pt; vertical-align: top; text-align: right; font-family: 'Times New Roman'; font-size: 10pt;">
<div style="text-align: left; color: rgb(0, 0, 0);">iii)</div>
</td>
<td style="vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
<div style="text-align: justify; color: rgb(0, 0, 0);">Common stock issuances<br/>
</div>
</td>
</tr>
</table>
</div>
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On December 14, 2023, the Company entered into an “at the market” offering program with B. Riley Securities, Inc., as sales agent
(the “Sales Agent”). In accordance with the terms of the at-the-market sale agreement with<span style="font-family: 'Times New Roman';"> the Sales Agent,</span> the Company may offer and sell a number of its common shares, having an
aggregate offering price of up to $30,000 at any time and from time to time through the Sales Agent, as agent or principal.
The Company intends to use the net proceeds from any sales under the “at the market” offering program for general corporate purposes, which may include buybacks of common shares, additions to working capital, capital expenditures,
repayment of debt, financing of possible vessel acquisitions and other investments, or a combination thereof. <span style="font-size: 10pt; font-family: 'Times New Roman';"><span style="font-size: 10pt; font-family: 'Times New Roman';">During the year ended December 31, 2025, no shares were sold. </span>During the year ended December 31,
2024, </span>576,120<span style="font-size: 10pt; font-family: 'Times New Roman';"> shares have been sold from the
Company for gross proceeds of $5,091 under the “at-the-market” offering program and are shown in consolidated statement
of stockholder’s equity as of December 31, 2024, net of $295 offering expenses.</span> During the year ended December 31,
2023, 1,099 shares have been sold from the Company for gross proceeds of $8 under the offering program <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">and are shown in the consolidated statements of stockholders’ equity, net of $199
offering expenses.</span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On July 2, 2021, the Company’s board of directors declared a dividend of one preferred share purchase right (a “Right”) for each of the Company’s outstanding common shares and adopted a shareholder rights plan. On December 13, 2023, the Company’s
board of directors approved an amendment and restatement of the Rights Agreement to make certain technical or ministerial changes (the “Shareholders Rights Agreement”). Each Right will allow its holder to purchase from the Company <span style="-sec-ix-hidden:Fact_cd24e5d4f7684a8c914e038c9b2f9947">one one-thousandth</span> of a Series A Participating Preferred Share (a “Preferred Share”) for $30.00 (the “Exercise Price”), once the Rights become exercisable. This portion of a Preferred Share will give the shareholder approximately the same dividend,
voting and liquidation rights as would one common share. Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights. The Rights will not be exercisable until ten days after the public announcement that a person or group has become an “Acquiring Person” by obtaining beneficial ownership of 10% (15% in the case of a
passive institutional investor) or more of the Company’s outstanding common shares. The Acquiring Person will not be entitled to exercise these Rights. If an Acquiring Person obtains beneficial ownership of 10% (15% in the case of a
passive institutional investor) or more of the Company’s common shares, then each Right will entitle the holder to purchase for the Exercise Price, in lieu of <span style="-sec-ix-hidden:Fact_9ac01cd6c983404badca9323f49e1925">one one-thousandth</span> of a share of Series A Preferred Stock, a number of common shares having a then-current market value of twice the Exercise Price. In addition, if after an
Acquiring Person obtains 10% (15%
in the case of a passive institutional investor) or more of the Company’s common shares, (i) the Company merges into another entity; (ii) an acquiring entity merges into the Company; or (iii) the Company sells or transfers 50% or more of its assets, cash flow or earning power, then each Right will entitle the holder to purchase, for the Exercise Price, a
number of common shares of the person engaging in the transaction having a then-current market value of twice the Exercise Price. The board of directors may redeem the Rights for $0.0001 per Right under certain circumstances. The Rights expire on the earliest of (i) December 14, 2026; or (ii) the redemption or exchange of the Rights. As at December 31,
2025, 2024 and 2023, no Rights were exercised.</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="text-align: right; vertical-align: top; width: 36pt;">
<div style="text-align: left; color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);"><span style="color: rgb(0, 0, 0);">iv)</span></span></div>
</td>
<td style="text-align: left; vertical-align: top;">
<div style="text-align: justify; color: rgb(0, 0, 0);">Buybacks</div>
</td>
</tr>
</table>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In December 2023, the Board of Directors of the Company authorized a new share repurchase plan under which the Company may repurchase up to $25,000 of its outstanding common shares, convertible note or warrants (the “December 2023 Repurchase Plan”). <span style="font-size: 10pt; font-family: 'Times New Roman';">During 2024, the Company repurchased 519,041 of its outstanding common shares at an average price
of approximately $9.35 per share for a total of $4,850, inclusive of commissions and fees. All the repurchased shares have been cancelled as of December 31, 2024.</span> On November 12, 2025, the Company extended the share repurchase plan through the period
ending December 31, 2026. During 2025, the Company did not repurchase any of its outstanding commons shares<span style="font-size: 10pt; font-family: 'Times New Roman';">.</span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">On June 28, 2022, the Board of Directors of the Company authorized a share repurchase plan (“June 2022 Repurchase Plan”) under which the
Company would repurchase up to $5,000 of its outstanding common shares, convertible note or warrants. On November 28, 2022, the
Company’s Board of Directors authorized the extension of the June 2022 Repurchase Plan until December 31, 2023. On December 13, 2023, the Board of Directors of the Company terminated the June 2022 Repurchase Plan and authorized the December
2023 Repurchase Plan. During 2023, the Company repurchased 375,531 of its outstanding common shares at an average price of
approximately $4.45 per share pursuant to its share repurchase programs for a total of $1,679, inclusive of commissions and fees. All the repurchased shares were cancelled as of December 31, 2023. </div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"> <br/>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="text-align: right; vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">(c)</span></div>
</td>
<td style="text-align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Warrants</span></div>
</td>
</tr>
</table>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> <br/>
</span></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">There are no warrants outstanding as of December 31,
2025.</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-style: italic;">Class E Warrants</span><br/>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s previously issued Class E Warrants expired according to their terms on August 20, 2025.</div>
<div><br/>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"> During the year ended December 31, 2025, 212,233
shares were issued from Class E warrants, for gross proceeds of $845. During the year ended December 31, 2024, 180,000 shares were issued from Class E warrants, for gross proceeds of $885. During the year ended December 31, 2023, no shares were issued from Class
E warrants exercises. On January 10, 2023, the Company completed its tender offer to purchase all outstanding Class E Warrants at a price of $0.20
per warrant. The total number of warrants tendered was 4,038,114 warrants, representing approximately 47% of the outstanding Class E Warrants at the time of the tender offer. </div>
<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Class D Warrants</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-style: italic;"> </span><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s previously issued Class D Warrants expired according to their terms on April 2, 2025<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">.</span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-style: italic;"> <br/>
</span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-style: italic;">Representative Warrants</span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s previously issued Representative Warrants expired according to their terms in April 2023.</div>
25000000
25000000
0.0001
0.0001
20000
20000
20000
20000
0.0001
0.0001
250000
25000
0.4999
0.0001
2025-11-11
0.13
2025-12-29
2745000
2026-01-09
2025-08-04
0.05
2025-09-29
1056000
2025-10-10
2025-05-26
0.05
2025-06-27
1045000
2025-07-10
2025-03-05
0.1
2025-03-27
2090000
2025-04-10
2024-11-01
0.26
2025-01-10
2024-12-27
5297000
2025-01-10
2024-08-05
0.25
2024-09-27
5150000
2024-10-10
2024-05-14
0.025
0.125
2024-06-25
3108000
2024-07-10
2024-03-05
0.025
0.075
2024-03-25
2001000
2024-04-10
2024-01-10
0.025
491000
2023-12-22
6936000
15556000
30000000
0
576120
5091000
295000
1099
8000
199000
1
30
P10D
0.10
0.15
0.10
0.15
0.10
0.15
0.50
0.0001
0
0
0
25000000
519041
9.35
4850000
0
5000000
375531
4.45
1679000
0
212233
845000
180000
885000
0
0.2
4038114
0.47
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: #000000;">12.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="font-size:inherit;">Vessel Revenue and Voyage expenses:</span></div>
</td>
</tr>
</table>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="display:none;"><br/></div>
<div style="text-align: justify; text-indent: -27pt; margin-left: 27pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Revenue Recognition</div>
<div><br/>
</div>
<div style="display:none;"><br/></div>
<div style="text-align: justify; text-indent: -27pt; margin-left: 27pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Demurrage income<span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"> </span>for
the years ended December 31, 2025, 2024 and 2023 was $254, $<span style="-sec-ix-hidden:Fact_725483b3b8d445fb8f69a04d565d630b">NIL</span> and $<span style="-sec-ix-hidden:Fact_2f4f51f59022462ba5180dd81e2d5128">NIL</span>, respectively.</div>
<div><br/>
</div>
<div style="display:none;"><br/></div>
<div style="text-align: justify; text-indent: -27pt; margin-left: 27pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Despatch expense for the years ended December 31, 2025, 2024 and 2023 was $83, $<span style="-sec-ix-hidden:Fact_0041f44c0a4a441a896d612ddd52a677">NIL</span> and $<span style="-sec-ix-hidden:Fact_e086411de5384165947a5b7a42410529">NIL</span>, respectively.</div>
<div><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Disaggregation
of Revenue<br/>
</span></div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span></div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The
following table presents the Company’s statements of income figures derived from spot charters and time charters for the years ended December 31, 2025, 2024 and 2023:</span></div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span></div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2025<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2024<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2023<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman'; font-size: 10pt;">Vessel revenues from spot charters, net of commissions</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">3,030</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman'; font-size: 10pt;">Vessel revenues from time charters, net of commissions</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">152,489</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">164,881</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">107,036</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman'; font-size: 10pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">155,519</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">164,881</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">107,036</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The
Company disaggregates its revenue from contracts with customers by the type of charter (time and spot charters). As of December 31, 2025 and 2024, the trade accounts receivable was $871 and $404, respectively, and related to time
charters.</span> </div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div><span style="font-family: 'Times New Roman';"> </span>
<span style="font-family: 'Times New Roman';"> </span></div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The current portion of Deferred revenue as of December 31, 2025 and <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">December 31, </span>2024 was $4,934 and $2,094, respectively and relates to cash received in advance of performance under operating leases and to premiums for energy devices (i.e.,
increased daily hire rates provided for by the chartering agreements) for specific equipment installed in the vessels. The non-current portion of Deferred revenue as of December 31, 2025 and December 31, 2024 was $<span style="-sec-ix-hidden:Fact_ca055dcee76c42299f6deea7cbcde565">NIL</span> and $67 and relates to
premiums for energy saving devices (i.e. increased daily hire rates provided for by the chartering agreements) for specific equipment installed in the vessels. The Deferred revenue is allocated on a straight-line basis over the minimum
duration of each charter party.</div>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Charterers individually accounting for more than
10% of revenues during the years ended December 31, 2025, 2024 and 2023 were:</div>
<div><br/>
</div>
<div>
<table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;">
<tr>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Customer</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">2025<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; text-align: center; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">2024<br/>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; text-align: center; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">2023<br/>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td colspan="1" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">A</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">32</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">34</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">28</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align: bottom; width: 64%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">B</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">20</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">22</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">25</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">C</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">17</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td colspan="1" style="vertical-align: bottom; width: 64%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">D</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">13</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">12</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">18</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: left; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom">
<div>E<br/>
</div>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">-</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">-</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">12</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">%</td>
</tr>
<tr>
<td colspan="1" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">82</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">68</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">83</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
</tr>
</table>
</div>
<div><br/>
</div>
<div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="font-style: italic;">Voyage Expenses</span><br/>
</span> </div>
<div> <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span></div>
<div style="text-align: justify;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table presents the Company’s statements
of income figures derived from spot charters and time charters for the years ended December 31, 2025, 2024 and 2023:</span><br/>
</div>
<div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
</span></div>
<div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;"> 2025<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2024<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2023<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman'; font-size: 10pt;">Voyage expenses from spot charters</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">1,564</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman'; font-size: 10pt;">Voyage expenses from time charters</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">3,960</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">3,297</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">2,851</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman'; font-size: 10pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">5,524</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">3,297</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">2,851</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
</div>
254000
83000
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The
following table presents the Company’s statements of income figures derived from spot charters and time charters for the years ended December 31, 2025, 2024 and 2023:</span></div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span></div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2025<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2024<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2023<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman'; font-size: 10pt;">Vessel revenues from spot charters, net of commissions</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">3,030</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman'; font-size: 10pt;">Vessel revenues from time charters, net of commissions</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">152,489</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">164,881</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">107,036</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman'; font-size: 10pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">155,519</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">164,881</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">107,036</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
</div>
3030000
0
0
152489000
164881000
107036000
155519000
164881000
107036000
871000
404000
4934000
2094000
67000
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Charterers individually accounting for more than
10% of revenues during the years ended December 31, 2025, 2024 and 2023 were:</div>
<div><br/>
</div>
<div>
<table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;">
<tr>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Customer</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">2025<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; text-align: center; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">2024<br/>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; text-align: center; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">2023<br/>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td colspan="1" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">A</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">32</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">34</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">28</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align: bottom; width: 64%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">B</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">20</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">22</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">25</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">C</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">17</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td colspan="1" style="vertical-align: bottom; width: 64%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">D</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">13</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">12</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">18</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: left; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom">
<div>E<br/>
</div>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">-</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">-</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">12</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">%</td>
</tr>
<tr>
<td colspan="1" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">82</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">68</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">83</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">%</div>
</td>
</tr>
</table>
</div>
0.32
0.34
0.28
0.20
0.22
0.25
0.17
0
0
0.13
0.12
0.18
0
0
0.12
0.82
0.68
0.83
<div style="text-align: justify;"><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table presents the Company’s statements
of income figures derived from spot charters and time charters for the years ended December 31, 2025, 2024 and 2023:</span><br/>
</div>
<div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
</span></div>
<div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;"> 2025<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2024<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">2023<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman'; font-size: 10pt;">Voyage expenses from spot charters</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">1,564</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman'; font-size: 10pt;">Voyage expenses from time charters</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">3,960</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">3,297</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">2,851</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman'; font-size: 10pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">5,524</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">3,297</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-family: 'Times New Roman'; font-size: 10pt;">2,851</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
</div>
1564000
0
0
3960000
3297000
2851000
5524000
3297000
2851000
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0);">13.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0);">Interest and Finance Costs:</span></div>
</td>
</tr>
</table>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Interest and finance costs are analyzed as follows:</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: top;" valign="bottom">
<div style="color: #000000;"> </div>
</td>
<td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
<td colspan="10" style="vertical-align: top; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000;">Year ended December 31,</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"> </div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000;">2025</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000;">2024<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000;">2023<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Interest on long-term debt and other financial liabilities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">19,135</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">17,838</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">17,864</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 64%; font-size: 10pt;" valign="bottom">
<div style="margin-left: 9pt; text-indent: -9pt;">I<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">nterest on finance lease liability</span></div>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">518</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">898</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">219</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Amortization of deferred finance costs and debt discounts</div>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">1,885</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">1,726</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">2,155</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Convertible notes interest expense</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">178</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">A<span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">mortization of deferred finance costs and debt discounts (shares issued to </span>third<span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> party - non-cash)</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">86</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Other</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">183</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">141</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">192</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: #000000;">21,721</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: #000000;">20,603</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: #000000;">20,694</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Interest and finance costs are analyzed as follows:</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: top;" valign="bottom">
<div style="color: #000000;"> </div>
</td>
<td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
<td colspan="10" style="vertical-align: top; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000;">Year ended December 31,</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"> </div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000;">2025</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000;">2024<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000;">2023<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Interest on long-term debt and other financial liabilities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">19,135</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">17,838</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">17,864</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 64%; font-size: 10pt;" valign="bottom">
<div style="margin-left: 9pt; text-indent: -9pt;">I<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">nterest on finance lease liability</span></div>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">518</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">898</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">219</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Amortization of deferred finance costs and debt discounts</div>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">1,885</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">1,726</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">2,155</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Convertible notes interest expense</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">178</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">A<span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">mortization of deferred finance costs and debt discounts (shares issued to </span>third<span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> party - non-cash)</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">86</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Other</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">183</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">141</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">192</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: #000000;">21,721</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: #000000;">20,603</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: #000000;">20,694</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
19135000
17838000
17864000
518000
898000
219000
1885000
1726000
2155000
0
0
178000
0
0
86000
183000
141000
192000
21721000
20603000
20694000
<div>
<div> <br/>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div><span style="color: rgb(0, 0, 0);">14.</span></div>
</td>
<td style="vertical-align: top; width: auto;">
<div><span style="color: rgb(0, 0, 0);">Earnings per Share:</span></div>
</td>
</tr>
</table>
</div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The calculation of net income per common share is summarized below:</div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">
<table cellpadding="0" cellspacing="0" class="cfttable" style="width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;" valign="bottom"></td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="10" style="vertical-align: top;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: center;">For the years ended December 31,</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: center;">2025</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: center;">2024</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: center;">2023</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Net income</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">21,242</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">43,472</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,282</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Less: Dividends to non-vested participating securities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(133</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(549</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(61</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Less: Undistributed earnings to non-vested participating securities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(279</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(980</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(10</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Net income attributable to common shareholders, basic</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">20,830</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">41,943</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,211</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 64%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Undistributed earnings to non-vested participating securities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">279</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">980</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">10</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Undistributed earnings reallocated to non-vested participating securities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(279</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(974</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(10</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Net income attributable to common shareholders, diluted</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">20,830</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">41,949</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,211</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 64%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Weighted average common shares outstanding, basic</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">20,471,002</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">19,745,379</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">18,394,419</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Effect of dilutive securities:</div>
</td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;"> Warrants</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">66,794</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">134,497</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">48,269</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Weighted average common shares outstanding, diluted</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">20,537,796</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">19,879,876</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">18,442,688</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 64%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Net income per share attributable to common shareholders, basic</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1.02</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2.12</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">0.12</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Net income per share attributable to common shareholders, diluted</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1.01</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2.11</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">$</td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">0.12</td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
</div>
<div> <br/>
</div>
<div style="text-align: justify;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">As of
December 31, 2025, 2024 and 2023, 242,900, 252,000 and 607,580, respectively, non-vested participating shares under the Company’s Equity
Incentive Plan were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above (Note 15). Additionally, securities that could potentially dilute basic EPS in the
future that were not included in the computation of diluted EPS as of December 31, 2025, 2024 and 2023, because to do so would have anti-dilutive effect, are <span style="-sec-ix-hidden:Fact_78f4f644538b4b149cf1ddcee53e2b36">NIL</span>, 27,304 and 27,304 incremental shares, respectively, of unexercised warrants (if any) that are out-of-the money as of the reporting date (Note 11), calculated with the treasury stock method.</span> </div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The calculation of net income per common share is summarized below:</div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">
<table cellpadding="0" cellspacing="0" class="cfttable" style="width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;" valign="bottom"></td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="10" style="vertical-align: top;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: center;">For the years ended December 31,</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: center;">2025</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: center;">2024</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: center;">2023</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 10pt;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Net income</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">21,242</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">43,472</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,282</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Less: Dividends to non-vested participating securities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(133</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(549</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(61</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Less: Undistributed earnings to non-vested participating securities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(279</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(980</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(10</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Net income attributable to common shareholders, basic</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">20,830</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">41,943</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,211</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 64%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Undistributed earnings to non-vested participating securities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">279</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">980</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">10</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Undistributed earnings reallocated to non-vested participating securities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(279</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(974</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(10</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Net income attributable to common shareholders, diluted</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">20,830</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">41,949</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2,211</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 64%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Weighted average common shares outstanding, basic</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">20,471,002</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">19,745,379</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">18,394,419</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Effect of dilutive securities:</div>
</td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;"> Warrants</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">66,794</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">134,497</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">48,269</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Weighted average common shares outstanding, diluted</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">20,537,796</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">19,879,876</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">18,442,688</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 64%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Net income per share attributable to common shareholders, basic</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1.02</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2.12</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">0.12</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 64%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Net income per share attributable to common shareholders, diluted</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">1.01</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">2.11</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">$</td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">0.12</td>
<td colspan="1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
</div>
21242000
43472000
2282000
133000
549000
61000
279000
980000
10000
20830000
41943000
2211000
-279000
-980000
-10000
279000
974000
10000
20830000
41949000
2211000
20471002
19745379
18394419
66794
134497
48269
20537796
19879876
18442688
1.02
2.12
0.12
1.01
2.11
0.12
242900
252000
607580
27304
27304
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: #000000;">15.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="color: #000000;">Equity Incentive Plan:</span></div>
</td>
</tr>
</table>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On March 12, 2025, the Company’s Equity Incentive Plan was amended and restated to increase the aggregate number of shares of the common stock reserved for issuance under the Plan
to 600,000 shares. On the same date, the Compensation Committee granted an aggregate of 528,200 restricted shares of common stock pursuant to the Plan. Of the total 528,200
shares issued on March 12, 2025, 311,500 shares were granted to the non-executive members of the board of directors and to the
executive officers and 216,700 shares were granted to certain of the Company’s non-executive employees and to the sole director of the
Company’s commercial manager, a non-employee. The fair value of each share on the grant date was $7.35. 125,300 shares vested on the date of the issuance, March 12, 2025, 159,500 shares vested on September 12, 2025, taking into consideration 500
forfeited shares, 104,100 shares vested on March 12, 2026 and 138,800 shares will vest on September 14, 2026.</span><br/>
</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On March 27, 2024, the Company’s Equity Incentive Plan was amended and restated to increase the aggregate number of shares of the common stock reserved
for issuance under the Plan to 550,000 shares. On the same date, the Compensation Committee granted an aggregate of 502,500 restricted shares of common stock pursuant to the Plan. Of the total 502,500 shares issued on March 27, 2024, 285,000 shares were
granted to the non-executive members of the board of directors and to the executive officers and 217,500 shares were granted to certain
of the Company’s non-executive employees and to the sole director of the Company’s commercial manager, a non-employee. The fair value of each share on the grant date was $8.42. 107,250 shares vested on the date of the issuance, March
27, 2024, 142,150 shares vested on September 27, 2024, taking into consideration 1,100 forfeited shares, 108,000 shares vested on March 27, 2025 and 144,000 shares vested on September 26, 2025.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On March 27, 2023, the Compensation Committee granted an aggregate of <span style="font-size: 10pt; color: rgb(0, 0, 0); background: rgb(255, 255, 255) none repeat scroll 0% 0%; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">1,823,800</span></span>
restricted shares of common stock pursuant to the Equity Incentive Plan. Of the total <span style="font-size: 10pt; color: rgb(0, 0, 0); background: rgb(255, 255, 255) none repeat scroll 0% 0%; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">1,823,800</span></span> shares issued on March 27, 2023, 1,330,000 shares were granted to the non-executive members of the Board of Directors and to the executive officers and 493,800 shares were granted to certain of the Company’s non-executive employees and to the sole director of the Company’s commercial manager, a non-employee. The fair value of
each share on the grant date was $<span style="font-size: 10pt; color: rgb(0, 0, 0); background: rgb(255, 255, 255) none repeat scroll 0% 0%; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">5.22</span></span>. <span style="font-size: 10pt; color: rgb(0, 0, 0); background: rgb(255, 255, 255) none repeat scroll 0% 0%; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">607,974</span></span> shares vested on the date of the issuance,
March 27, 2023, <span style="font-size: 10pt; color: rgb(0, 0, 0); background: rgb(255, 255, 255) none repeat scroll 0% 0%; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">607,913</span></span> shares vested on October 1, 2023 and <span style="font-size: 10pt; color: rgb(0, 0, 0); background: rgb(255, 255, 255) none repeat scroll 0% 0%; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">607,247</span></span> shares vested on October 1,
2024, taking into consideration <span style="font-size: 10pt; color: rgb(0, 0, 0); background: rgb(255, 255, 255) none repeat scroll 0% 0%; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">666</span></span> forfeited shares.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
</div>
<div><span style="font-size: 10pt; color: rgb(0, 0, 0); background: rgb(255, 255, 255) none repeat scroll 0% 0%; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; color: rgb(0, 0, 0); background: rgb(255, 255, 255) none repeat scroll 0% 0%; font-weight: normal; font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">The related expense for shares granted to the Company’s board of directors and certain of its employees for the years ended December 31, 2025, 2024 and 2023, amounted to
$3,958, $4,843 and $8,852, respectively, and is included under general and administration expenses. The related expense for shares granted to non-employees for the years
ended December 31, 2025, 2024 and 2023, amounted to $107, $144 and $295, respectively, and is included under voyage</span>
expenses.</div>
<div style="text-align: justify; color: #000000;"> <br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Restricted shares during 2025 and 2024 are analyzed as follows:</div>
<div style="text-align: justify; color: #000000;"> <br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">
<div style="color: #000000;"> </div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">Number</div>
<div style="text-align: center; color: #000000; font-weight: bold;">of Shares</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">Weighted</div>
<div style="text-align: center; color: #000000; font-weight: bold;">Average Grant</div>
<div style="text-align: center; color: #000000; font-weight: bold;">Date Price</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Outstanding at December 31, 2023</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">607,580</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">4.78</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Granted</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">502,500</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">8.42</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Vested</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">(856,314</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">6.15</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="margin-left: 9pt; text-indent: -9pt;">
<div>
<div>Forfeited<br/>
</div>
</div>
</div>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">(1,766</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">7.21</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="background-color: #CCEEFF; vertical-align: top; white-space: nowrap; width: 76%; padding: 0px 0px 4px;">
<div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Outstanding at December 31, 2024</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">252,000</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">7.36</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Granted</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">528,200</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">7.35</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Vested</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">(536,800</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">7.85</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Forfeited</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000;">(500</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000;">7.35</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Outstanding at December 31, 2025</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">242,900</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">6.25</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The unrecognized cost for the non-vested shares granted to the Company’s board of directors, certain of its employees and the Company’s commercial
manager, a non-employee, as of December 31, 2025 and 2024 amounted to $623 and $808, respectively. On December 31, 2025, the weighted-average period over which the total compensation cost related to non-vested awards granted to the Company’s board of directors and its
other employees not yet recognized is expected to be recognized is 0.70 years.</div>
600000
528200
528200
311500
216700
7.35
125300
159500
500
104100
138800
550000
502500
502500
285000
217500
8.42
107250
142150
1100
108000
144000
1823800
1823800
1330000
493800
5.22
607974
607913
607247
666
3958000
4843000
8852000
107000
144000
295000
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Restricted shares during 2025 and 2024 are analyzed as follows:</div>
<div style="text-align: justify; color: #000000;"> <br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">
<tr>
<td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">
<div style="color: #000000;"> </div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">Number</div>
<div style="text-align: center; color: #000000; font-weight: bold;">of Shares</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">Weighted</div>
<div style="text-align: center; color: #000000; font-weight: bold;">Average Grant</div>
<div style="text-align: center; color: #000000; font-weight: bold;">Date Price</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Outstanding at December 31, 2023</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">607,580</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">4.78</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Granted</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">502,500</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">8.42</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Vested</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">(856,314</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">6.15</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="margin-left: 9pt; text-indent: -9pt;">
<div>
<div>Forfeited<br/>
</div>
</div>
</div>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">(1,766</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">7.21</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="background-color: #CCEEFF; vertical-align: top; white-space: nowrap; width: 76%; padding: 0px 0px 4px;">
<div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Outstanding at December 31, 2024</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">252,000</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">7.36</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Granted</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">528,200</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">7.35</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Vested</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">(536,800</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">7.85</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Forfeited</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000;">(500</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000;">7.35</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Outstanding at December 31, 2025</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">242,900</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">6.25</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
607580
4.78
502500
8.42
856314
6.15
1766
7.21
252000
7.36
528200
7.35
536800
7.85
500
7.35
242900
6.25
623000
808000
P0Y8M12D
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);">16.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);">Subsequent Events:</span></div>
</td>
</tr>
</table>
</div>
<div><br/></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">On January 7, 2026, the Company paid the first
installment of $11,175 for the Hantong shipyard contract (Note 6) for the purchase of the <span style="font-style: italic;">Newbuilding
1</span>.</div>
<div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">On January 8, 2026, the Huarong Hellasship Sale and Leaseback, the Huarong Patriotship Sale and Leaseback and the Huarong Iconship Sale and Leaseback became effective upon the delivery of the
respective vessels to the lessors (Note 8).</span></div>
<div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">On January 9, 2026, the Company paid a regular quarterly cash dividend of $0.13
per share for the third quarter of 2025 to all shareholders of record as of December 29, 2025 (Note 11).</div>
<div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Οn January 30, 2026, the Company entered into an agreement with Hengli Shipbuilding (Dalian) Co., Ltd. and Hengli Shipbuilding (Singapore) Pte. Ltd. for the construction of a 181,500 dwt scrubber-fitted Capesize vessel, (“<span style="font-style: italic;">Newbuilding 4</span>”). The contract price is $75,159, with delivery expected in the third quarter of 2027. The purchase price will be paid in five installments, linked to the vessel’s construction milestones, with 45%
of the purchase price payable over the next 14 months and the remaining 55% upon delivery of the vessel.</span></div>
<div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</div>
<div style="text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On February 6,
2026, following United exercising its right of first offer, the Company entered into an agreement with United for the disposal of the <span style="font-style: italic;">Dukeship </span>through an 18-month bareboat charter. The charter period commenced following the delivery of the vessel on February 12, 2026. United has advanced a downpayment of $5,500 and will pay a daily charter rate of $9.5,
with a purchase obligation of $22,050 at the end of the bareboat charter. A special committee of disinterested members of the
Company’s Board of Directors negotiated the terms and approved the agreement. Seanergy Shipmanagement undertook the technical management of the vessel with effect as of the commencement of the charter period earning a fixed management fee
of $14 per month.</div>
<div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">On February 13, 2026, the Company declared a regular quarterly cash dividend of $0.20
per common share for the fourth quarter of 2025 payable on or about April 10, 2026 to all shareholders of record as of March 27, 2026.</div>
<div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">On February 25, 2026, the Company entered into a ten-year bareboat charter agreement with an unaffiliated third party for a Japanese newbuilding 181,500 dwt scrubber-fitted Capesize vessel, (<span style="font-style: italic;">“Newbuilding 3”</span>), to be built in Imabari Shipbuilding Co., Ltd. The Company
advanced a down payment of $3,875 upon signing of the agreement and will pay an additional down payment of $7,750 one year after the signing
of the bareboat charter agreement, as well as $3,875 upon delivery of the vessel to the Company, which is expected in the first
quarter of 2029. Upon the delivery of the vessel, the Company will pay a monthly charter rate of $295 over the period of the
bareboat charter. The bareboat charter will bear an interest rate of 1-month <span style="-sec-ix-hidden:Fact_ad7e56b1689346b1960ad067db91d223">term SOFR</span> plus 2.20% per annum. Following the fifth
anniversary of the bareboat charter, the Company will have continuous options to purchase the vessel at any time during the bareboat charter period at predetermined prices, as set forth in the agreement. At the end of the bareboat period,
the Company will have an option to purchase the vessel for $26,970, which the Company expects to exercise.</div>
<div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Οn February 26, 2026, the Company entered into an agreement with an unaffiliated third party for the acquisition of a Japanese newbuilding 181,500 dwt scrubber-fitted Capesize vessel, (<span style="font-style: italic;">“Newbuilding 2”</span>), to be built by Imabari Shipbuilding Co., Ltd. The contract price is $80,100, with delivery expected between the second and the third quarter of 2027. The purchase price will be paid in two installments. The 20% of the
purchase price was paid upon the signing of the contract and the remaining 80% upon delivery of the vessel.</span></div>
<div><span style="color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><br/></div>
<div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On
March 2, 2026, the Company entered into a $26,500 sale and leaseback agreement with an affiliate of BOCL to finance the purchase
option cost of the <span style="font-style: italic;">Partnership </span>under the Chugoku Bank Sale and Leaseback. The Company sold and chartered back the vessel on a bareboat basis for a <span style="-sec-ix-hidden:Fact_33a150681fb342f8b86d56e0b61b5905">six-and-a-half-year</span> period which commenced on March 9, 2026. The charterhire principal amortizes in twenty-six quarterly installments of $779, bearing an interest rate of 3-month
<span style="-sec-ix-hidden:Fact_c958560a8f004eb09016d23167005904">term SOFR</span> plus 1.85%
per annum. The Company has continuous options to repurchase the vessel at any time during the bareboat charter period at predetermined prices, as set forth in the agreement, following the second anniversary of the bareboat charter. The sale
and leaseback agreement does not include any financial covenants or security value maintenance provisions. <br/>
</span></div>
<div><br/></div>
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">On March 6,
2026, the Company’s Equity Incentive Plan was amended and restated to increase the aggregate number of shares of the common stock reserved for issuance under the Plan to 600,000 shares. On the same date, the Compensation Committee granted an aggregate of 554,100 restricted shares of common stock pursuant to the Plan. Of the total 554,100 shares
issued on March 6, 2026, 313,500 shares were granted to the non-executive members of the board of directors and to the
executive officers and 240,600 shares were granted to certain of the Company’s non-executive employees and to the sole
director of the Company’s commercial manager, a non-employee. The fair value of each share on the grant date was $13.28. 132,650 shares vested on the date of the issuance, March 6, 2026, 168,750 shares will vest on September 7, 2026, 108,300
shares will vest on March 8, 2027 and 144,400 shares will vest on September 8, 2027.</div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><br/>
</div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> On <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">March 9</span>, 2026, the Company entered into a $57,750 sale and leaseback agreement with an affiliate of BOCL for the purpose of financing the construction cost of the <span style="font-style: italic;">Newbuilding 1</span>. Upon delivery of the vessel from the shipyard, the Company is expected to sell and charter back the vessel on a bareboat basis for an eight-year period. Under the agreement, the lessor will provide pre‑delivery financing for certain installments under the shipsales contract, with accrued interest
payable in arrears on the relevant drawdown amounts. The charterhire principal will amortize in thirty-two quarterly installments of $670,
bearing an interest rate of 3-month <span style="-sec-ix-hidden:Fact_e84d8f375d1a46a4a5c9a1b503fc65dd">term SOFR</span> plus 1.85% per annum. The Company will have continuous options to repurchase the
vessel at any time during the bareboat charter period at predetermined prices, as set forth in the agreement, following the second anniversary of the bareboat charter. At the end of the bareboat charter period, if the purchase option has
not been exercised, the Company will be obligated to pay a Purchase Option Premium (as defined therein) amounting to $10,000. The
sale and leaseback agreement does not include any financial covenants or security value maintenance provisions.</span></div>
<div><br/></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">On March 11,
2026, following United exercising its right of first offer, the Company agreed the main terms to sell the <span style="font-style: italic;">Squireship </span>to United for an aggregate purchase price of $29,500. The sale is subject to entering into a memorandum of agreement and United’s financing the purchase. The vessel is expected to be delivered
by mid-June 2026.</div>
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
11175000
2026-01-09
0.13
2025-12-29
181500
75159000
5
0.45
P14M
0.55
P18M
5500000
9500
22050000
14000
2026-02-13
0.2
2026-04-10
2026-03-27
P10Y
181500
3875000
7750000
P1Y
3875000
295000
P1M
0.022
26970000
181500
80100000
2
0.20
0.80
26500000
26
quarterly
779000
P3M
0.0185
600000
554100
554100
313500
240600
13.28
132650
168750
108300
144400
57750000
P8Y
32
quarterly
670000
P3M
0.0185
10000000
29500000