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Purchase Rights NYSEAMER 4626197 100000 No No Yes Yes Non-accelerated Filer false false false U.S. GAAP false true <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">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="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">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="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">As part of our cybersecurity risk management system, our information &amp; technology management team, led by our senior IT manager with extensive experience managing information &amp; technology systems, 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.</span> Significant incidents are reviewed regularly by our information &amp; technology management team to determine whether further escalation is appropriate. We also engage third parties, such as specialized assessors and consultants 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’ matters, 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="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">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="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">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="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">As part of our cybersecurity risk management system, our information &amp; technology management team, led by our senior IT manager with extensive experience managing information &amp; technology systems, 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.</span> Significant incidents are reviewed regularly by our information &amp; technology management team to determine whether further escalation is appropriate. We also engage third parties, such as specialized assessors and consultants 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’ matters, 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">As part of our cybersecurity risk management system, our information &amp; technology management team, led by our senior IT manager with extensive experience managing information &amp; technology systems, 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.</span> true <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">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="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">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="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">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="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Overall, our approach to cybersecurity risk management includes the following key elements:</div> <div><br/> </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="width: 36pt;"> <div><br/> </div> </td> <td style="text-align: right; vertical-align: top; width: 27pt;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><span style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(i)</span></div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Continuous monitoring of cybersecurity threats, both internal and external. through the use of data analytics and network monitoring systems.</div> </td> </tr> </table> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br/> </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="width: 36pt;"> <div><br/> </div> </td> <td style="text-align: right; vertical-align: top; width: 27pt;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(ii)</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">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> <div style="text-align: left;"><br/> </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="width: 36pt;"> <div><br/> </div> </td> <td style="text-align: right; vertical-align: top; width: 27pt;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(iii)</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">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> <div style="text-align: left;"><br/> </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="width: 36pt;"> <div><br/> </div> </td> <td style="text-align: right; vertical-align: top; width: 27pt;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(iv)</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Oversight responsibility of cybersecurity risks and compliance with relevant disclosure requirements lies with our senior management team and our board of directors.<br/> </div> </td> </tr> </table> </div> <div style="text-align: left;"><br/> </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="width: 36pt;"> <div><br/> </div> </td> <td style="text-align: right; vertical-align: top; width: 27pt;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(v)</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Training and Awareness – we have various information technology policies relating to cybersecurity. We also provide employee training that is administered on a periodic and on a case-by-case 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.</div> </td> </tr> </table> </div> <div style="text-align: left;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">We continue to invest in our cybersecurity systems and to enhance our internal controls and processes. <span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">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—Company-Specific Risk Factors—We rely on our information systems to conduct our business, and failure to protect these systems against security breaches could adversely affect our business and results of operations. Additionally, if these systems fail or become unavailable for any significant period of time, our business could be harmed.”</span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Overall, our approach to cybersecurity risk management includes the following key elements:</div> <div><br/> </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="width: 36pt;"> <div><br/> </div> </td> <td style="text-align: right; vertical-align: top; width: 27pt;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><span style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(i)</span></div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Continuous monitoring of cybersecurity threats, both internal and external. through the use of data analytics and network monitoring systems.</div> </td> </tr> </table> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br/> </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="width: 36pt;"> <div><br/> </div> </td> <td style="text-align: right; vertical-align: top; width: 27pt;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(ii)</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">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> <div style="text-align: left;"><br/> </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="width: 36pt;"> <div><br/> </div> </td> <td style="text-align: right; vertical-align: top; width: 27pt;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(iii)</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">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> <div style="text-align: left;"><br/> </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="width: 36pt;"> <div><br/> </div> </td> <td style="text-align: right; vertical-align: top; width: 27pt;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(iv)</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Oversight responsibility of cybersecurity risks and compliance with relevant disclosure requirements lies with our senior management team and our board of directors.<br/> </div> </td> </tr> </table> </div> <div style="text-align: left;"><br/> </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="width: 36pt;"> <div><br/> </div> </td> <td style="text-align: right; vertical-align: top; width: 27pt;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(v)</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Training and Awareness – we have various information technology policies relating to cybersecurity. We also provide employee training that is administered on a periodic and on a case-by-case 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.</div> </td> </tr> </table> </div> true true <span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">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—Company-Specific Risk Factors—We rely on our information systems to conduct our business, and failure to protect these systems against security breaches could adversely affect our business and results of operations. Additionally, if these systems fail or become unavailable for any significant period of time, our business could be harmed.”</span> false Deloitte Certified Public Accountants S.A. 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(formerly Top Tankers Inc. and Ocean Holdings Inc.) and its wholly owned subsidiaries (collectively the “Company”). Ocean Holdings Inc. was formed on January 10, 2000, under the laws of Marshall Islands and was renamed to Top Tankers Inc. and Top Ships Inc. in May 2004 and December 2007, respectively. The Company is an international provider of worldwide oil, petroleum products, chemicals and passenger recreational transportation services.</p><p style="font-variant: normal; margin: 0pt; text-indent: 9pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">As of December 31, 2025, the Company was the sole owner of all outstanding shares of the following subsidiary companies, other than the two Shipowning Companies that were distributed to Rubico Inc. The following list is not exhaustive as the Company has other subsidiaries relating to vessels that have been sold and that remain dormant for the periods presented in these consolidated financial statements as well as intermediary companies that own shipowning companies that are 100% subsidiaries of the Company.</p><p style="font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0px auto; width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;"> <tr> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: left;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><i>Companies</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><i>Date of</i></b></p> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><i>Country of</i></b></p> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 34%; text-align: left;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><i>Activity</i></b></p> </td> </tr> <tr> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1</em></i> </p> </td> <td style="vertical-align: bottom; width: 32%; text-align: left; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><i>Top Tanker Management Inc.</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> <span style="-sec-ix-hidden:Fact_45dae57661c14d08a4ea66ba7dca8a4b">May 2004</span><br/> </em></i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i>Marshall Islands<br/> </i></p> </td> <td style="vertical-align: bottom; width: 34%; text-align: left; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i>Management company<br/> </i></p> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 2%; text-align: left;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2</em></i></td> <td rowspan="1" style="vertical-align: bottom; width: 32%; text-align: left; font-style: italic;">Top Mega Yachts Inc.<br/> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: center; font-style: italic;"><span style="-sec-ix-hidden:Fact_cf72070f94cc4afeb143ae02c7a6be34">March 2024</span><br/> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: center; font-style: italic;">Marshall Islands</td> <td rowspan="1" style="vertical-align: bottom; width: 34%; text-align: center; font-style: italic;">Holding company (dormant)</td> </tr> </table> <p style="font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0; margin-left: auto; margin-right: auto;"> <tr> <td colspan="2" rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"><span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: inherit; font-style: italic; font-variant: normal; text-transform: none;"> </span> <p style="font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-transform: none;"><b><i><em style="line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;"></em></i></b><span style="font-size: 10pt;">Wholly owned Shipowning Companies (“SPC”) with</span></p> <p style="font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-transform: none;"><span style="font-size: 10pt;"> vessels under operating lease during years ended</span></p> <p style="font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-transform: none;"><span style="font-size: 10pt;"> December 31, 2023, 2024 and 2025</span></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Date of</i></b></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Country of</i></b></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Vessel</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 18%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>End of operating lease</i></b></p> </td> </tr> <tr> <td style="vertical-align: top; width: 2%; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; text-align: justify; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1<br/> </em></i></p> </td> <td style="vertical-align: top; width: 32%; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin: 0pt;"><i>South California Inc.</i></p> </td> <td style="vertical-align: bottom; width: 16%; background-color: rgb(204, 238, 255); text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> <span style="-sec-ix-hidden:Fact_77b3d1cebdc241d4ae8662092d2ce020">January 2018</span><br/> </em></i></p> </td> <td style="vertical-align: bottom; width: 16%; background-color: rgb(204, 238, 255); text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Marshall Islands<br/> </i></p> </td> <td style="vertical-align: bottom; width: 16%; background-color: rgb(204, 238, 255); text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Eco Bel Air<br/> </i></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt 0pt 0pt 18pt; text-align: center; text-indent: -9pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> <span style="text-indent: 0pt;">December 15, 2025</span><br/> </em></i></p> </td> </tr> <tr> <td style="vertical-align: top; width: 2%;"> <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2<br/> </em></i></p> </td> <td style="vertical-align: top; width: 32%;"> <p style="font-variant: normal; margin: 0pt;"><i>Malibu Warrior Inc.</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_9bdef90bd6e94c888206fc996198a7f5">January 2018</span><br/> </em></i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Marshall Islands<br/> </i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Eco Beverly Hills<br/> </i></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt 0pt 0pt 18pt; text-align: center; text-indent: -9pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="text-indent: 0pt;">December 22, 2025</span></em></i></p> </td> </tr> </table> <p style="font-variant: normal; margin: 0pt;"> </p><p style="font-variant: normal; margin: 0pt;"> </p><p style="font-variant: normal; margin: 0pt;"> <br/> </p> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0; margin-left: auto; margin-right: auto;"> <tr> <td colspan="2" rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt;"><b><i>Wholly owned </i></b><b><i>SPCs</i></b><b><i> with vessels in operation during</i></b></p> <p style="font-variant: normal; margin: 0pt;"><b><i> years ended <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> December 31, 2023, </em><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2024</em> and <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2025</em></i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Date of</i></b></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Country of</i></b></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Vessel</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 18%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Delivery Date</i></b></p> </td> </tr> <tr> <td style="vertical-align: top; width: 2%; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1<br/> </em></i></p> </td> <td style="vertical-align: top; width: 32%; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin: 0pt;"><i>PCH Dreaming Inc.</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_145958b3f00e4cf89911e4a15e28dbdd">January 2018</span></em></i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Marshall Islands</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Eco Marina Del Rey</i></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> <span style="-sec-ix-hidden:Fact_1e3406cec9994260be6b643f367bc0ea">March 2019</span><br/> </em></i></p> </td> </tr> <tr> <td style="vertical-align: top; width: 2%;"> <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2<br/> </em></i></p> </td> <td style="vertical-align: top; width: 32%;"> <p style="font-variant: normal; margin: 0pt;"><i>Roman Empire Inc. </i></p> </td> <td style="vertical-align: top; width: 16%; text-align: center; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_06f13923c8af4e8abced69195afcaf1c">February 2020</span></em></i></p> </td> <td style="vertical-align: top; width: 16%; text-align: center; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt;"><i>Marshall Islands</i></p> </td> <td style="vertical-align: top; width: 16%; text-align: center; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt;"><i>Eco West Coast</i></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_72d4b1224f7540e28d54b93d12f97e96">March 2021</span> (Distributed to</em></i></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> Rubico Inc. on August 1, 2025)<br/> </em></i></p> </td> </tr> <tr> <td style="vertical-align: top; width: 2%; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">3<br/> </em></i></p> </td> <td style="vertical-align: top; width: 32%; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin: 0pt;"><i>Athenean Empire Inc. </i></p> </td> <td style="vertical-align: top; width: 16%; text-align: center; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_3da894c1f1784b5b8f633ba41bc72771">February 2020</span></em></i></p> </td> <td style="vertical-align: top; width: 16%; text-align: center; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt;"><i>Marshall Islands</i></p> </td> <td style="vertical-align: top; width: 16%; text-align: center; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt;"><i>Eco Malibu</i></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_ef54935b56c74615b4db793a88ce75f7">May 2021</span> (Distributed to</em></i></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> Rubico Inc. on August 1, 2025)<br/> </em></i></p> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 2%;"><span style="font-style: italic;">4 </span><br/> </td> <td rowspan="1" style="vertical-align: top; width: 32%;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Julius Caesar Inc.</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_61048e4f0b7248b298bd179ebe781ecd">May 2020</span></div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <div style="font-size: inherit; font-style: italic; text-align: center;">Marshall Islands</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;">Julius Caesar</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 18%; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_b586d0a7ed344004a5946e87195a2ddd">January 2022</span></div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 2%; font-style: italic; background-color: rgb(204, 238, 255);">5<br/> </td> <td rowspan="1" style="vertical-align: top; width: 32%; background-color: rgb(204, 238, 255);"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Legio X Inc.</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_a28b60a8a644403aa4ae84922c7631a0">December 2020</span></div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="font-size: inherit; font-style: italic; text-align: center;">Marshall Islands</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;">Legio X Equestris</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 18%; text-align: left; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_79e7001c764740ddb59eff0ef5d967ff">March 2022</span></div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 2%;">6<br/> </td> <td rowspan="1" style="vertical-align: top; width: 32%;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Eco Oceano CA Inc.</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_3f90c700f04244f887014a68b2e0630b">December 2020</span></div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <div style="font-size: inherit; font-style: italic; text-align: center;">Marshall Islands</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;">Eco Oceano CA</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 18%; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_10f525726d36416fb316aa48e406e169">March 2022</span></div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 2%; font-style: italic; background-color: rgb(204, 238, 255);">7<br/> </td> <td rowspan="1" style="vertical-align: top; width: 32%; font-style: italic; background-color: rgb(204, 238, 255);">Seawolf Ventures Limited<br/> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: center; font-style: italic; background-color: rgb(204, 238, 255); white-space: nowrap;"><span style="-sec-ix-hidden:Fact_af06178db75a4a4cb81d584c08129e04">August 2015</span><br/> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: center; font-style: italic; background-color: rgb(204, 238, 255); white-space: nowrap;">Marshall Islands</td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: center; font-style: italic; background-color: rgb(204, 238, 255); white-space: nowrap;">M/Y Par Bellvm</td> <td rowspan="1" style="vertical-align: bottom; width: 18%; text-align: center; font-style: italic; background-color: rgb(204, 238, 255);"><span style="-sec-ix-hidden:Fact_11be9eefd07c405cafee86d03e6184af">August 2023</span><br/> </td> </tr> </table> <div> <br/> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0; margin-left: auto; margin-right: auto;"> <tr> <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt;"><b><i>Wholly owned </i></b><b><i>SPCs</i></b><b><i> with vessels under construction during</i></b></p> <p style="font-variant: normal; margin: 0pt;"><b><i> the year ended <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> December 31, 202</em><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">5</em></i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Date of</i></b></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Country of</i></b></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Vessel</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 18%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Delivery Date</i></b></p> </td> </tr> <tr> <td style="vertical-align: top; width: 2%; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1<br/> </em></i></p> </td> <td style="vertical-align: top; width: 32%; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin: 0pt;"><i>Roman Explorer Inc<br/> </i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_0a2c051e4caf45d9a3dc15769e24180f">September 2023</span><br/> </em></i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Marshall Islands</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Hull No 158</i></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">Q2 2027 (sold in March 31, 2026)<br/> </em></i></p> </td> </tr> </table> </div> <p style="font-variant: normal; margin: 0pt; text-align: justify;"> </p><p style="font-variant: normal; margin: 0pt; text-align: justify;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;">As of December 31, 2023, 2024 and 2025, the Company was the owner of 50% of outstanding shares of the following companies.</p><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;">         </p> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);"><br/> </td> <td style="vertical-align: bottom; width: 32%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);"> <p style="font-variant: normal; margin: 0pt;"><b><i>SPC</i></b></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Date of</i></b></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Country of</i></b></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Vessel</i></b></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Built Date</i></b></p> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 2%;"> <p style="font-variant: normal; margin: 0pt;"><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1<br/> </em></p> </td> <td style="vertical-align: top; width: 32%;"> <p style="font-variant: normal; margin: 0pt;"><i>California <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">19</em> Inc.</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_e07ef6428a5f482d96d6ebdbeeda411b">May 2019</span></em></i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Marshall Islands</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Eco Yosemite Park</i></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_30e5e598f8c2433997756f78ca6ba4e7">March 2020</span></em></i></p> </td> </tr> <tr> <td style="vertical-align: top; width: 2%;"> <p style="font-variant: normal; margin: 0pt;"><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2<br/> </em></p> </td> <td style="vertical-align: top; width: 32%;"> <p style="font-variant: normal; margin: 0pt;"><i>California <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">20</em> Inc.</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_3be082235bd04a07a91ac008d9c0e878">May 2019</span></em></i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Marshall Islands</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Eco Joshua Park</i></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_43f4387b63604fc3ba71e75c8cb32762">March 2020</span></em></i></p> </td> </tr> </table> <p style="font-variant: normal; margin: 0pt;"> </p> <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> <p style="font-variant: normal; margin: 0pt; 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; text-transform: none;"> On September 29, 2023, the Company effected a <span style="-sec-ix-hidden:Fact_505fa5bf6d114aaab893a967420b9357">1-for-12</span> reverse stock split of its common stock. There was no change in the number of authorized common shares of the Company, or the floor price of the Company’s Series E Shares, or the number of votes of the Company’s Series D, E and F Shares. All numbers of common share and earnings per share amounts, as well as warrant shares eligible for purchase under the Company’s warrants, exercise price of said warrants and conversion prices of the Company’s Series E Shares, in these consolidated financial statements have been retroactively adjusted to reflect this <span style="-sec-ix-hidden:Fact_778c1876bde8486a88728ded1116e5b8">1-for-12</span> reverse stock split.</p><p style="font-variant: normal; margin: 0pt; 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; 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></p><p style="font-variant: normal; margin: 0pt; 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; text-transform: none;"> </p> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; 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 June 14, 2024 the Company entered into a non-binding letter of intent (“No-Shop LOI”) with Mr. Evangelos J. Pistiolis whereby the latter was precluded from marketing or selling the mega yacht M/Y Para Bellvm (100% owned by him) except to the Company for one month. The consideration for the No-Shop LOI was $1,000. The Company on July 12, 2024 entered into a share purchase agreement (“SPA”) for the purchase of M/Y Para Bellvm for a consideration of $20,000 (the “Para Bellvm Consideration”) and the No-Shop LOI consideration was netted-off with the Para Bellvm Consideration. The Para Bellvm Consideration was settled as of December 31, 2024. The Company closed the SPA and took delivery of the M/Y Para Bellvm on April 11, 2025.</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;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; 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 November 25, 2024 the Company entered into a non-binding letter of intent (the “New No-Shop LOI”) with Mr. Evangelos J. Pistiolis whereby the latter was precluded from marketing or selling the newbuilding megayacht M/Y Sanlorenzo “1150Exp” with hull number 158  (“the Newbuilding Yacht”), that was 100% owned by him, (due for delivery in the second quarter of 2027) except to the Company up to June 30, 2025. The consideration paid for the New No-Shop LOI was $4,000 (the “New Yacht LOI Advance”). As of December 31, 2024, the Para Bellvm Consideration and the New Yacht LOI Advance are presented under Advances for asset acquisitions to related party in the accompanying consolidated balance sheets. The Company on April 11, 2025 (the “Closing Date”) entered into an SPA for the purchase of the Newbuilding Yacht for a consideration of $27,000 (the “New Yacht Consideration”), payable up to December 31, 2026, depending on the Company’s cash surplus at the Company’s option. On the Closing Date, the Company settled $9,346 of the New Yacht Consideration by netting the New Yacht LOI Advance and by paying $5,346 to Mr. Evangelos J. Pistiolis and acquired the ship owning company (Roman Explorer Inc.) that owns 100% of the Newbuilding Yacht. If the Company from the Closing Date onwards raised capital via (i) debt refinancing (only applying to excess proceeds, being the proceeds from the new debt exceeding the debt amount being refinanced), (ii) issuance of any equity interests or (iii) dividends or return of invested capital in any investments, then, in each case, no later than <span style="-sec-ix-hidden:Fact_09484aa0235a40c5bfb3bdda19915380">five</span> business days after the Company received the net cash proceeds therefrom, the New Yacht Consideration outstanding Installments should be prepaid by an amount equal to 100% of the amount of the net cash proceeds from such incurrence or issuance. As of November 13, 2025, the Company had fully settled the consideration due to Mr. Evangelos J. Pistiolis.</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;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company accounted for the abovementioned acquisitions as a transfer of assets between entities under common control and has recognized the vessels at their historical carrying amounts at the date of transfer. The amount of the consideration given in excess of the historical carrying value of the net assets acquired is recognized as a reduction to the Company’s additional paid in capital and presented as Excess consideration over acquired assets in the Company’s consolidated statement of stockholders’ equity for the year ended December 31, 2025. The net assets of Roman Explorer Inc. as of April 11, 2025 amounted to $8,567 and related to advances paid for the Newbuilding Yacht. The assets and liabilities of Seawolf Ventures Limited (shipowning company that owns 100% of M/Y Para Bellvm as of April 11, 2025) and an analysis of the Excess consideration over the carrying value of acquired assets is presented in the tables below:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <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 rowspan="1" style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: bold;">Seawolf Ventures Limited</span><br/> </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"> </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: top; width: 88%;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Cash and cash equivalents (including restricted cash)</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="font-family: 'Times New Roman'; font-size: 10pt;">249</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);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Prepayments and other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">56</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Inventories</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="font-family: 'Times New Roman'; font-size: 10pt;">27</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);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Vessels, net</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">26,461</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Accounts payable</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="font-family: 'Times New Roman'; font-size: 10pt;">(40</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Accrued liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(248</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Long-term debt, net (current and non-current portion)</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="font-family: 'Times New Roman'; font-size: 10pt;">(13,681</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Total Net Assets of Seawolf Ventures Limited</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">12,824</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Total Net Assets of Seawolf Ventures Limited and Roman Explorer Inc.<br/> </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"><span style="font-weight: bold;">21,391</span> <br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> </div> <div><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: middle;" valign="bottom"> <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'; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">As of December 31,</span></div> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="text-align: center;">2025</div> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 88%; 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(204, 238, 255);" valign="bottom"> <div style="text-align: justify;">Consideration</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; 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(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; 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(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; 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(204, 238, 255);" valign="bottom"> <div>47,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; 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(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); 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;" valign="bottom"> <div style="text-align: justify;">Less: Carrying value of net assets of companies acquired</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); 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;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); 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;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); 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;" valign="bottom"> <div>(21,391</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); 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; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 88%; border-bottom: 4px double rgb(0, 0, 0); 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(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Excess consideration over acquired assets</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-weight: bold; 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(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); font-weight: bold; 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(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); 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(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">25,609</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); 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(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;"></div> </td> </tr> </table> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <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;">The abovementioned transactions were approved by a special committee of the Company’s board of directors (the “Special Committee”), of which all of the directors were independent and for each transaction the Special Committee obtained a fairness opinion relating to the consideration of each transaction from an independent financial advisor.</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 August 1, 2025 (the “Spin off Distribution Date”), the Company contributed Roman Empire Inc. and Athenean Empire Inc. to Rubico Inc. (“Rubico”) in connection with a spin-off in exchange for common shares in Rubico Inc., which the Company distributed to common stock holders of record as of June 16, 2025 on a pro rata basis and to holders of the Company’s outstanding common stock purchase warrants on an as-exercised basis (such transactions collectively, the “Spin-Off”). The Spin-Off distribution ratio was one Rubico common share for every two Company common shares.</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;"><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;">A new series of preferred shares (the “Series D Preferred Shares”) were distributed to the holder of the Series D perpetual preferred shares of the Company to mirror the rights of the Series D perpetual preferred shares of the Company. The holder of the Series D perpetual preferred shares of the Company is the Lax Trust, which is an irrevocable trust established for the benefit of certain family members of Mr. Evangelos J. Pistiolis, the Company’s President, Chief Executive Officer and Director. In connection with the Spin-Off, the Company distributed 100,000 Series D Preferred Shares. The Company did not distribute the Series D Preferred Shares to its common shareholders in connection with the Spin-Off.</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;"><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;">Rubico shares commenced trading on August 4, 2025, on the Nasdaq Capital Market under the symbol “RUBI”. As part of the Spin-Off, Rubico entered into various agreements effecting the separation of Rubico’s business from the Company, including a Contribution and Spin-Off Distribution Agreement, pursuant to which, among other things, the Company agreed to indemnify Rubico and its vessel-owning subsidiaries for any and all obligations and other liabilities arising from or relating to the operation, management or employment of vessels or subsidiaries the Company retained after the Spin-off Distribution Date and Rubico agreed to indemnify the Company for any and all obligations and other liabilities arising from or relating to the operation, management or employment of the vessels contributed to it or its vessel-owning subsidiaries. The Contribution and Spin-Off Distribution Agreement also provided for the settlement or extinguishment of certain liabilities and other obligations between the Company and Rubico.</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;"><br/> </div> <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;">The assets and liabilities of Rubico on August 1, 2025, were as follows:</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> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: top; 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; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Cash and cash equivalents (including restricted cash)</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>1,023</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%;" valign="bottom"> <div style="text-align: justify;">Accounts receivable trade (current and non-current portion)</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>781</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Due from related parties</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>571</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%;" valign="bottom"> <div style="text-align: justify;">Prepayments and other</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>318</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Inventories</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>194</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%;" valign="bottom"> <div style="text-align: justify;">Vessels, net</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>107,930</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Accounts payable</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>(2,029</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%;" valign="bottom"> <div style="text-align: justify;">Accrued liabilities</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>(523</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Unearned revenue</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>(1,395</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%;" valign="bottom"> <div style="text-align: justify;">Due to related parties</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>(153</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Long-term debt, net (current and non-current portion)</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>(73,349</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Total Net Assets of Rubico</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-weight: bold;">33,368</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Distribution of net assets of Rubico to the Company’s shareholders</div> </td> <td colspan="1" 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; text-align: right; 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="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: left; 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="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; 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="font-weight: bold;">(33,368</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">)</div> </td> </tr> </table> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">As of December 31, 2025, the Company was the sole owner of all outstanding shares of the following subsidiary companies, other than the two Shipowning Companies that were distributed to Rubico Inc. The following list is not exhaustive as the Company has other subsidiaries relating to vessels that have been sold and that remain dormant for the periods presented in these consolidated financial statements as well as intermediary companies that own shipowning companies that are 100% subsidiaries of the Company.</p><p style="font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0px auto; width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;"> <tr> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: left;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><i>Companies</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><i>Date of</i></b></p> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><i>Country of</i></b></p> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 34%; text-align: left;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><i>Activity</i></b></p> </td> </tr> <tr> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1</em></i> </p> </td> <td style="vertical-align: bottom; width: 32%; text-align: left; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><i>Top Tanker Management Inc.</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> <span style="-sec-ix-hidden:Fact_45dae57661c14d08a4ea66ba7dca8a4b">May 2004</span><br/> </em></i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i>Marshall Islands<br/> </i></p> </td> <td style="vertical-align: bottom; width: 34%; text-align: left; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i>Management company<br/> </i></p> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 2%; text-align: left;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2</em></i></td> <td rowspan="1" style="vertical-align: bottom; width: 32%; text-align: left; font-style: italic;">Top Mega Yachts Inc.<br/> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: center; font-style: italic;"><span style="-sec-ix-hidden:Fact_cf72070f94cc4afeb143ae02c7a6be34">March 2024</span><br/> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: center; font-style: italic;">Marshall Islands</td> <td rowspan="1" style="vertical-align: bottom; width: 34%; text-align: center; font-style: italic;">Holding company (dormant)</td> </tr> </table> <p style="font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0; margin-left: auto; margin-right: auto;"> <tr> <td colspan="2" rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"><span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: inherit; font-style: italic; font-variant: normal; text-transform: none;"> </span> <p style="font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-transform: none;"><b><i><em style="line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;"></em></i></b><span style="font-size: 10pt;">Wholly owned Shipowning Companies (“SPC”) with</span></p> <p style="font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-transform: none;"><span style="font-size: 10pt;"> vessels under operating lease during years ended</span></p> <p style="font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-transform: none;"><span style="font-size: 10pt;"> December 31, 2023, 2024 and 2025</span></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Date of</i></b></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Country of</i></b></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Vessel</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 18%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>End of operating lease</i></b></p> </td> </tr> <tr> <td style="vertical-align: top; width: 2%; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; text-align: justify; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1<br/> </em></i></p> </td> <td style="vertical-align: top; width: 32%; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin: 0pt;"><i>South California Inc.</i></p> </td> <td style="vertical-align: bottom; width: 16%; background-color: rgb(204, 238, 255); text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> <span style="-sec-ix-hidden:Fact_77b3d1cebdc241d4ae8662092d2ce020">January 2018</span><br/> </em></i></p> </td> <td style="vertical-align: bottom; width: 16%; background-color: rgb(204, 238, 255); text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Marshall Islands<br/> </i></p> </td> <td style="vertical-align: bottom; width: 16%; background-color: rgb(204, 238, 255); text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Eco Bel Air<br/> </i></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt 0pt 0pt 18pt; text-align: center; text-indent: -9pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> <span style="text-indent: 0pt;">December 15, 2025</span><br/> </em></i></p> </td> </tr> <tr> <td style="vertical-align: top; width: 2%;"> <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2<br/> </em></i></p> </td> <td style="vertical-align: top; width: 32%;"> <p style="font-variant: normal; margin: 0pt;"><i>Malibu Warrior Inc.</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_9bdef90bd6e94c888206fc996198a7f5">January 2018</span><br/> </em></i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Marshall Islands<br/> </i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Eco Beverly Hills<br/> </i></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt 0pt 0pt 18pt; text-align: center; text-indent: -9pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="text-indent: 0pt;">December 22, 2025</span></em></i></p> </td> </tr> </table> <p style="font-variant: normal; margin: 0pt;"> </p><p style="font-variant: normal; margin: 0pt;"> </p><p style="font-variant: normal; margin: 0pt;"> <br/> </p> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0; margin-left: auto; margin-right: auto;"> <tr> <td colspan="2" rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt;"><b><i>Wholly owned </i></b><b><i>SPCs</i></b><b><i> with vessels in operation during</i></b></p> <p style="font-variant: normal; margin: 0pt;"><b><i> years ended <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> December 31, 2023, </em><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2024</em> and <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2025</em></i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Date of</i></b></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Country of</i></b></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Vessel</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 18%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Delivery Date</i></b></p> </td> </tr> <tr> <td style="vertical-align: top; width: 2%; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1<br/> </em></i></p> </td> <td style="vertical-align: top; width: 32%; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin: 0pt;"><i>PCH Dreaming Inc.</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_145958b3f00e4cf89911e4a15e28dbdd">January 2018</span></em></i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Marshall Islands</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Eco Marina Del Rey</i></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> <span style="-sec-ix-hidden:Fact_1e3406cec9994260be6b643f367bc0ea">March 2019</span><br/> </em></i></p> </td> </tr> <tr> <td style="vertical-align: top; width: 2%;"> <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2<br/> </em></i></p> </td> <td style="vertical-align: top; width: 32%;"> <p style="font-variant: normal; margin: 0pt;"><i>Roman Empire Inc. </i></p> </td> <td style="vertical-align: top; width: 16%; text-align: center; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_06f13923c8af4e8abced69195afcaf1c">February 2020</span></em></i></p> </td> <td style="vertical-align: top; width: 16%; text-align: center; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt;"><i>Marshall Islands</i></p> </td> <td style="vertical-align: top; width: 16%; text-align: center; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt;"><i>Eco West Coast</i></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_72d4b1224f7540e28d54b93d12f97e96">March 2021</span> (Distributed to</em></i></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> Rubico Inc. on August 1, 2025)<br/> </em></i></p> </td> </tr> <tr> <td style="vertical-align: top; width: 2%; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">3<br/> </em></i></p> </td> <td style="vertical-align: top; width: 32%; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin: 0pt;"><i>Athenean Empire Inc. </i></p> </td> <td style="vertical-align: top; width: 16%; text-align: center; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_3da894c1f1784b5b8f633ba41bc72771">February 2020</span></em></i></p> </td> <td style="vertical-align: top; width: 16%; text-align: center; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt;"><i>Marshall Islands</i></p> </td> <td style="vertical-align: top; width: 16%; text-align: center; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt;"><i>Eco Malibu</i></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_ef54935b56c74615b4db793a88ce75f7">May 2021</span> (Distributed to</em></i></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> Rubico Inc. on August 1, 2025)<br/> </em></i></p> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 2%;"><span style="font-style: italic;">4 </span><br/> </td> <td rowspan="1" style="vertical-align: top; width: 32%;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Julius Caesar Inc.</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_61048e4f0b7248b298bd179ebe781ecd">May 2020</span></div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <div style="font-size: inherit; font-style: italic; text-align: center;">Marshall Islands</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;">Julius Caesar</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 18%; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_b586d0a7ed344004a5946e87195a2ddd">January 2022</span></div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 2%; font-style: italic; background-color: rgb(204, 238, 255);">5<br/> </td> <td rowspan="1" style="vertical-align: top; width: 32%; background-color: rgb(204, 238, 255);"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Legio X Inc.</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_a28b60a8a644403aa4ae84922c7631a0">December 2020</span></div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="font-size: inherit; font-style: italic; text-align: center;">Marshall Islands</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;">Legio X Equestris</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 18%; text-align: left; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_79e7001c764740ddb59eff0ef5d967ff">March 2022</span></div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 2%;">6<br/> </td> <td rowspan="1" style="vertical-align: top; width: 32%;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Eco Oceano CA Inc.</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_3f90c700f04244f887014a68b2e0630b">December 2020</span></div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <div style="font-size: inherit; font-style: italic; text-align: center;">Marshall Islands</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;">Eco Oceano CA</div> </td> <td rowspan="1" style="vertical-align: bottom; width: 18%; text-align: left;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_10f525726d36416fb316aa48e406e169">March 2022</span></div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 2%; font-style: italic; background-color: rgb(204, 238, 255);">7<br/> </td> <td rowspan="1" style="vertical-align: top; width: 32%; font-style: italic; background-color: rgb(204, 238, 255);">Seawolf Ventures Limited<br/> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: center; font-style: italic; background-color: rgb(204, 238, 255); white-space: nowrap;"><span style="-sec-ix-hidden:Fact_af06178db75a4a4cb81d584c08129e04">August 2015</span><br/> </td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: center; font-style: italic; background-color: rgb(204, 238, 255); white-space: nowrap;">Marshall Islands</td> <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: center; font-style: italic; background-color: rgb(204, 238, 255); white-space: nowrap;">M/Y Par Bellvm</td> <td rowspan="1" style="vertical-align: bottom; width: 18%; text-align: center; font-style: italic; background-color: rgb(204, 238, 255);"><span style="-sec-ix-hidden:Fact_11be9eefd07c405cafee86d03e6184af">August 2023</span><br/> </td> </tr> </table> <div> <br/> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0; margin-left: auto; margin-right: auto;"> <tr> <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: left; white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt;"><b><i>Wholly owned </i></b><b><i>SPCs</i></b><b><i> with vessels under construction during</i></b></p> <p style="font-variant: normal; margin: 0pt;"><b><i> the year ended <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> December 31, 202</em><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">5</em></i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Date of</i></b></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Country of</i></b></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Vessel</i></b></p> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 18%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Delivery Date</i></b></p> </td> </tr> <tr> <td style="vertical-align: top; width: 2%; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1<br/> </em></i></p> </td> <td style="vertical-align: top; width: 32%; background-color: rgb(204, 238, 255);"> <p style="font-variant: normal; margin: 0pt;"><i>Roman Explorer Inc<br/> </i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_0a2c051e4caf45d9a3dc15769e24180f">September 2023</span><br/> </em></i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Marshall Islands</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Hull No 158</i></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">Q2 2027 (sold in March 31, 2026)<br/> </em></i></p> </td> </tr> </table> </div> 2 1 1 1 1 1 1 1 1 1 1 1 1 1T Management company 1T Holding company (dormant) 1T Eco Bel Air 2025-12-15 1T Eco Beverly Hills 2025-12-22 1T Eco Marina Del Rey 1T Eco West Coast 1T Eco Malibu 1T Julius Caesar 1T Legio X Equestris 1T Eco Oceano CA 1T M/Y Par Bellvm 1T Hull No 158 Q2 2027 (sold in March 31, 2026) <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;">As of December 31, 2023, 2024 and 2025, the Company was the owner of 50% of outstanding shares of the following companies.</p><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;">         </p> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);"><br/> </td> <td style="vertical-align: bottom; width: 32%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);"> <p style="font-variant: normal; margin: 0pt;"><b><i>SPC</i></b></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Date of</i></b></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Country of</i></b></p> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Vessel</i></b></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Built Date</i></b></p> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 2%;"> <p style="font-variant: normal; margin: 0pt;"><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1<br/> </em></p> </td> <td style="vertical-align: top; width: 32%;"> <p style="font-variant: normal; margin: 0pt;"><i>California <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">19</em> Inc.</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_e07ef6428a5f482d96d6ebdbeeda411b">May 2019</span></em></i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Marshall Islands</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Eco Yosemite Park</i></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_30e5e598f8c2433997756f78ca6ba4e7">March 2020</span></em></i></p> </td> </tr> <tr> <td style="vertical-align: top; width: 2%;"> <p style="font-variant: normal; margin: 0pt;"><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2<br/> </em></p> </td> <td style="vertical-align: top; width: 32%;"> <p style="font-variant: normal; margin: 0pt;"><i>California <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">20</em> Inc.</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_3be082235bd04a07a91ac008d9c0e878">May 2019</span></em></i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Marshall Islands</i></p> </td> <td style="vertical-align: bottom; width: 16%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i>Eco Joshua Park</i></p> </td> <td style="vertical-align: bottom; width: 18%; text-align: left;"> <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_43f4387b63604fc3ba71e75c8cb32762">March 2020</span></em></i></p> </td> </tr> </table> 0.50 0.50 0.50 0.50 0.50 0.50 1T Eco Yosemite Park 1T Eco Joshua Park 1 P1M 1000000 20000000 1 4000000 27000000 9346000 5346000 1 1 <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company accounted for the abovementioned acquisitions as a transfer of assets between entities under common control and has recognized the vessels at their historical carrying amounts at the date of transfer. The amount of the consideration given in excess of the historical carrying value of the net assets acquired is recognized as a reduction to the Company’s additional paid in capital and presented as Excess consideration over acquired assets in the Company’s consolidated statement of stockholders’ equity for the year ended December 31, 2025. The net assets of Roman Explorer Inc. as of April 11, 2025 amounted to $8,567 and related to advances paid for the Newbuilding Yacht. The assets and liabilities of Seawolf Ventures Limited (shipowning company that owns 100% of M/Y Para Bellvm as of April 11, 2025) and an analysis of the Excess consideration over the carrying value of acquired assets is presented in the tables below:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <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 rowspan="1" style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: bold;">Seawolf Ventures Limited</span><br/> </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"> </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: top; width: 88%;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Cash and cash equivalents (including restricted cash)</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="font-family: 'Times New Roman'; font-size: 10pt;">249</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);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Prepayments and other</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">56</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Inventories</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="font-family: 'Times New Roman'; font-size: 10pt;">27</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);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Vessels, net</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">26,461</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Accounts payable</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="font-family: 'Times New Roman'; font-size: 10pt;">(40</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Accrued liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(248</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Long-term debt, net (current and non-current portion)</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="font-family: 'Times New Roman'; font-size: 10pt;">(13,681</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Total Net Assets of Seawolf Ventures Limited</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">12,824</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Total Net Assets of Seawolf Ventures Limited and Roman Explorer Inc.<br/> </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"><span style="font-weight: bold;">21,391</span> <br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> </div> <div><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: middle;" valign="bottom"> <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'; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">As of December 31,</span></div> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="text-align: center;">2025</div> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 88%; 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(204, 238, 255);" valign="bottom"> <div style="text-align: justify;">Consideration</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; 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(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; 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(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; 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(204, 238, 255);" valign="bottom"> <div>47,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; 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(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); 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;" valign="bottom"> <div style="text-align: justify;">Less: Carrying value of net assets of companies acquired</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); 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;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); 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;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); 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;" valign="bottom"> <div>(21,391</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); 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; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 88%; border-bottom: 4px double rgb(0, 0, 0); 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(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Excess consideration over acquired assets</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-weight: bold; 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(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); font-weight: bold; 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(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); 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(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">25,609</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); 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(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;"></div> </td> </tr> </table> 8567000 1 249000 56000 27000 26461000 40000 248000 13681000 12824000 21391000 47000000 21391000 -25609000 1 2 100000 <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;">The assets and liabilities of Rubico on August 1, 2025, were as follows:</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> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: top; 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; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Cash and cash equivalents (including restricted cash)</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>1,023</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%;" valign="bottom"> <div style="text-align: justify;">Accounts receivable trade (current and non-current portion)</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>781</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Due from related parties</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>571</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%;" valign="bottom"> <div style="text-align: justify;">Prepayments and other</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>318</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Inventories</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>194</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%;" valign="bottom"> <div style="text-align: justify;">Vessels, net</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>107,930</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Accounts payable</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>(2,029</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%;" valign="bottom"> <div style="text-align: justify;">Accrued liabilities</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>(523</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Unearned revenue</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>(1,395</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%;" valign="bottom"> <div style="text-align: justify;">Due to related parties</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>(153</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Long-term debt, net (current and non-current portion)</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>(73,349</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Total Net Assets of Rubico</div> </td> <td colspan="1" 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; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" 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; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-weight: bold;">33,368</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; 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; width: 88%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Distribution of net assets of Rubico to the Company’s shareholders</div> </td> <td colspan="1" 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; text-align: right; 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="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: left; 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="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; 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="font-weight: bold;">(33,368</div> </td> <td colspan="1" 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; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">)</div> </td> </tr> </table> 1023000 781000 571000 318000 194000 107930000 2029000 523000 1395000 153000 73349000 33368000 -33368000 <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: 27pt;"> <p style="font-variant: normal; margin: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2.</em></b></p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-variant: normal; margin: 0pt;"><b>Significant Accounting Policies:</b></p> </td> </tr> </table> </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: 18pt;"> <p style="font-variant: normal; margin: 0pt;"><b>(a)</b></p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="margin: 0pt; padding: 0px; font-variant: normal; text-align: justify;"><b><i>Principles of Consolidation:</i></b><b> </b>The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts and operating results of Top Ships Inc. and its subsidiaries referred to in Note <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1.</em> Intercompany balances and transactions have been eliminated on consolidation. Non-controlling interests are stated at the non-controlling interest’s proportion of the net assets of the subsidiaries where the Company has less than <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">100%</em> interest. Subsequent to initial recognition the carrying amount of non-controlling interest is increased or decreased by the non-controlling interest’s share of subsequent changes in the equity of such subsidiaries. Total comprehensive income is attributed to a non-controlling interest even if this results in a deficit balance. Changes in the Company’s ownership interests in subsidiaries that do <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">not</em> result in the Company losing control over the subsidiaries are accounted for as equity transactions and the carrying amounts of the Company’s interests and the non-controlling interests are adjusted to reflect these changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Company.</p> </td> </tr> </table> </div> <div> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="c52e81b46447409ea67d333d9b298809" 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;"> <p style="font-variant: normal; margin: 0pt;"><b>(b)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Use of Estimates:</i></b> 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 estimates mainly include impairment of vessels, vessel useful lives and residual values and fair values of derivative instruments. Actual results <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> may </em>differ from these estimates.</td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z558f830eb09c48a393839c85a6eb4b3d" 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;"> <p style="font-variant: normal; margin: 0pt;"><b>(c)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Foreign Currency Translation:</i></b> <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; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The <span 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; orphans: 2; text-align: justify; text-indent: -18.9333px; 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;">Company’s functional currency is the U.S. Dollar because most vessels operate in international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company’s books of account are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies are translated to U.S. Dollars based on the year-end exchange rates and any gains and losses are included in the consolidated statements of comprehensive income. For the Company’s subsidiaries that have an operating currency different than the US Dollar, foreign currency-denominated results of operations and cash flows are translated at the average exchange rate during the reporting period. Assets and liabilities of these subsidiaries are translated at the exchange rate in effect at the balance sheet date, while equity in the functional currency is translated at the historical rate of exchange at the time of capital contribution. Consequently, amounts reported on the consolidated statements of cash flows may not align precisely with changes in corresponding balances on the consolidated balance sheets. Translation adjustments resulting from period-to-period exchange rate fluctuations are included as a separate component of accumulated other comprehensive income in the consolidated balance sheets and the consolidated statements of changes in shareholders’ equity. For the year ended December 31, 2025, a gain of $<span style="text-indent: 0pt;">697</span>, was recorded under Change in foreign currency translation adjustments in the consolidated statements of comprehensive income</span>.</span></td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="d20e2f0f0faa488d8093f32e5effec4d" 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;"> <p style="font-variant: normal; margin: 0pt;"><b>(d)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Cash and Cash Equivalents:</i></b> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">three</em> months or less to be cash equivalents.</td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <p style="font-variant: normal; margin: 0pt;"> </p> <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;"> <p style="font-variant: normal; margin: 0pt;"><b>(e)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Restricted Cash:</i></b> The Company considers amounts that are pledged, blocked, held as cash collateral, required to be maintained with a specific bank or be maintained by the Company as minimum cash under the terms of a loan agreement, as restricted and these amounts are presented separately on the balance sheets. In the event original maturities are shorter than <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">twelve</em> months, such deposits are presented as current assets while if original maturities are longer than <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">twelve</em> months, such deposits are presented as non-current assets.</td> </tr> </table> <div style="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: 18pt;"> <p style="font-variant: normal; margin: 0pt;"><b>(f)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Trade Accounts Receivable, net:</i></b> The amount shown as trade accounts receivable, net at each balance sheet date, includes estimated recoveries from charterers for hire billings, net of a provision for doubtful accounts and also accrued revenue resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates as well as receivable European Union Allowances (“EUAs”) from charterers (see below). As of December 31, 2024 and 2025 accrued revenue resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates amounted to $3,183 and $2,400 respectively, broken down into current ($783 and $1,245 as of December 31, 2024 and 2025, respectively) and non-current ($2,400 and $1,155 as of December 31, 2024 and 2025, respectively) portions according to their expected recognition. At each balance sheet date, all potentially uncollectible accounts are assessed individually, combined with the application of a historical recoverability ratio, for purposes of determining the appropriate provision for doubtful accounts. The Company assessed that it had <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">no</em> potentially uncollectible accounts and hence formed no provision for doubtful accounts at <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> December 31, 2024 </em>and <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2025</em> respectively.</td> </tr> </table> <div style="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: 18pt;"> <p style="font-variant: normal; margin: 0pt;"><b>(g)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Inventories:</i></b> Inventories consist of lubricants, bonded stores and spares on board the vessels. Inventories are stated at the lower of cost and net realizable value. Cost, which consists of the purchase price, is determined by the first in, first out method.</td> </tr> </table> <div style="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: 18pt;"> <p style="font-variant: normal; margin: 0pt;"><b>(h)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Vessel Cost:</i></b> Vessels are stated at cost, which in case of a newbuilding vessel, consists of the contract price, pre-delivery costs and capitalized interest incurred during its construction, and any material expenses incurred upon acquisition (improvements and delivery costs). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are charged to expenses as incurred and are included in Vessel operating expenses in the consolidated statements of comprehensive income.</td> </tr> </table> <div style="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: 18pt;"> <p style="font-variant: normal; margin: 0pt;"><b>(i)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Impairment of Long-Lived Assets:</i></b> The Company evaluates the existence of impairment indicators whenever events or changes in circumstances indicate that the carrying values of the Company’s long-lived assets are <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">not</em> recoverable. Such indicators of potential impairment include vessel sales and purchases, business plans, declines in the fair market value of vessels and overall market conditions. If there are indications for impairment present, the Company determines undiscounted projected net operating cash flows for each vessel and compares it to the vessel’s carrying value. If the carrying value of the related vessel exceeds its undiscounted future net cash flows, the carrying value is reduced to its fair value, and the difference is recognized as an impairment loss. The impairment evaluation the Company conducted as of <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> December 31, 2024, </em>and <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2025</em> showed that there are no impairment indications for any of the vessels held for use in the Company’s fleet.</td> </tr> </table> <div style="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: 18pt;"> <p style="font-variant: normal; margin: 0pt;"><b>(j)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Vessel Dep<span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">reciation:</span></i></b><span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> Depreciation is calculated using the straight-line method over the estimated useful life of the vessels, after deducting the estimated salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate, which up until December 31, 2023 was estimated to be $0.3 per lightweight ton. Effective January 1, 2024, the Company revised its scrap rate estimate from $0.3 to $0.43 per lightweight ton, in order to align the scrap rate estimate with the current historical average scrap prices and to better reflect current market conditions. The change in this accounting estimate, pursuant to ASC 250 “Accounting Changes and Error Corrections”, was applied prospectively and did not require retrospective application<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-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: -24px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Management estimates the useful life of the Company’s vessels to be <span style="text-indent: 0pt;">25</span> years from the date of initial delivery from the shipyard, with the exception of  mega yachts for which the estimated useful life is <span style="text-indent: 0pt;">30</span> years. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is adjusted at the date such regulations are adopted</span>.</span></span></td> </tr> </table> <div style="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: 18pt;"> <p style="font-variant: normal; margin: 0pt;"><b>(k)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Long-Lived Assets Held for Sale:</i></b> The Company classifies vessels as being held for sale when the following criteria are met: (a) management, having the authority to approve the action, commits to a plan to sell the asset, (b) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets, (c) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated, (d) the sale of the asset is probable and transfer of the asset is expected to qualify for recognition as a completed sale, within <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">one</em> year, (e) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value, (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</td> </tr> </table> <div style="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: 18pt;"> <p style="font-variant: normal; margin: 0pt;"><br/> </p> </td> <td style="vertical-align: top; width: auto; text-align: justify;">Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. These vessels are <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">not</em> depreciated once they meet the criteria to be classified as held for sale. <br/> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z966b4065b2d548d08075753585595d40" 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;"> <p style="font-variant: normal; margin: 0pt;"><br/> </p> </td> <td style="vertical-align: top; width: auto; text-align: justify;">Long-lived assets <span 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; 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;">previously classified as held for sale that are classified as held and used are revalued at the lower of (a) the carrying amount of the asset before it was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset been continuously classified as held and used and (b) the fair value of the asset at the date that the Company decided not to sell the asset. </span></td> </tr> </table> <p style="font-variant: normal; margin: 0pt;"> </p><p style="font-variant: normal; margin: 0pt;"> </p> <div><br/></div> <p style="font-variant: normal; margin: 0pt;"> </p> <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;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>(l)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Other Fixed Assets, Net: <span style="font-style: normal; font-weight: normal;">Other fixed assets, net, consist of furniture, office equipment, art works and cars, stated at cost, which consist of the purchase/contract price less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the assets as presented below:</span></i></b></td> </tr> </table> <p style="font-variant: normal; margin: 0pt;"> </p> <div style="margin-left: 18pt;"> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td style="border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Description</b></p> </td> <td colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Useful Life (years)</b></b></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Cars</p> </td> <td colspan="1" style="margin-left: 0pt; text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"><br/> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">6</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Office equipment</p> </td> <td colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: center; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">5</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Furniture and fittings</p> </td> <td colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">5</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Computer equipment</p> </td> <td colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: center; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">3</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Art works</div> </td> <td colspan="1" rowspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: top; text-align: center; width: 9%; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_9c9a0b41dc1e4aa78a9ac0c0fc6c5ae7">∞</span></span></div> </div> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </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: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-weight: bold;">(m)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Accounting for Dry-Docking Costs:</span> All dry-docking and special survey costs are expensed in the period incurred.</div> </td> </tr> </table> <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: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-weight: bold;">(n)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Financing Costs:</span> Fees incurred and paid to the lenders for obtaining new loans or Sale and lease backs (“SLBs”) or refinancing existing ones are recorded as a contra to debt and such fees are amortized to interest and finance costs over the life of the related debt using the effective interest method. Any unamortized balance of costs relating to debt repaid or refinanced that meet the criteria for Debt Extinguishment (Subtopic 470-50), is expensed in interest and finance costs in the period in which the repayment is made or refinancing occurs. Any unamortized balance of costs relating to debt refinanced that does not meet the criteria for Debt Extinguishment, is amortized over the term of the refinanced debt.</div> </td> </tr> </table> <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: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-weight: bold;">(o)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Accounting for Revenue and Expenses:</span> Revenues are generated from time charter arrangements. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable monthly in advance. Revenue is shown net of address commissions, if applicable, payable directly to charterers under the relevant charter agreements. Address commissions represent a common market practice discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer. Commissions on time charter revenues are recognized on a pro rata basis over the duration of the period.</div> </td> </tr> </table> <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: 18pt; vertical-align: top; font-family: 'Times New Roman';"> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;">The Company based on ASC 842 determined that all time charter-out contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company as lessor, does not have substantive substitution rights; and (iii) the charterer, as lessee, has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use.<br/> </div> </td> </tr> </table> <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: 18pt; vertical-align: top; font-family: 'Times New Roman';"> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;">Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel’s delivery to the charterer until the vessel is redelivered to the Company, except for any off-hire period. Revenue generated from variable lease payments is recognized in the period when changes in the facts and circumstances on which the variable lease payments are based occur. The Company elected to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and (ii) the lease component would be classified as an operating lease. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubes. Both the lease and non-lease components are earned by passage of time. Under a time charter agreement, management fees and vessel operating expenses such as crew wages, provisions and stores, technical maintenance and insurance expenses as well as limited voyage expenses, mainly consisting of broker’s commissions, are paid by the vessel owner, whereas voyage expenses such as bunkers, port expenses, agents’ fees, and extra war risk insurance are paid by the charterer. Vessel operating expenses, management fees and voyage expenses are expensed as incurred. Unearned revenue represents cash received prior to year-end related to revenue applicable to periods after December 31 of each year and also amounts resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates broken down into current and non-current portions according to their expected realization.<br/> </div> </td> </tr> </table> <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: 18pt; vertical-align: top; font-family: 'Times New Roman';"> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;">When vessels are acquired with time charters attached and the rates on such charters are below or above market on the acquisition date, the Company allocates the total cost between the vessel and the fair value of the attached time charter based on the relative fair values of the vessel and time charter acquired. The fair value of the attached time charter is computed as the present value of the difference between the contractual amount to be received over the term of the time charter and management’s estimates of the market time charter rate at the time of acquisition. The fair value of below or above market time charter is recognized as a liability or an intangible asset respectively and is amortized over the remaining period of the time charter as an increase or decrease to revenues.</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: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';"> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;">Where the time charter contains a profit or loss sharing arrangement, the profit or loss is recognized based on amounts earned or incurred as of the reporting date.</div> </td> </tr> </table> <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: 18pt; vertical-align: top; font-family: 'Times New Roman';"> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;">The Company pays commissions to ship brokers and to the Company’s fleet manager (Note 5), a related party affiliated with the family of Mr. Evangelos J. Pistiolis, associated with arranging the Company’s charters. These brokers’ commissions are recognized over the related charter period and are included in voyage expenses.</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: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-weight: bold;">(p)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: 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; font-weight: bold; font-style: italic;">Earnings / (Loss) per Share:</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: 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; font-weight: bold;"> <span style="font-weight: normal;">Basic earnings/ (loss) per share are computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised. For purposes of calculating diluted earnings per share the denominator of the diluted earnings per share calculation includes the incremental shares assumed issued under the treasury stock method weighted for the period the non-vested shares were outstanding. The computation of diluted earnings per share also reflects the potential dilution that could occur if warrants to issue common stock were exercised, to the extent that they are dilutive, using the treasury stock method, the potential dilution that could occur if convertible preferred stock were converted, using the if-converted method. Finally net income or loss available to common stockholders, when computing basic earnings/(loss) per share, is reduced to reflect any dividends or deemed dividends on preferred stock.</span></span><br/> </div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"> </span>          <span style="font-family: 'Times New Roman';"> </span><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: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-weight: bold;">(q)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Financial liabilities:</span><span style="font-weight: bold;"> </span>Financial liabilities are classified as either financial liabilities at ‘fair value through the profit and loss’ (“FVTPL”) or ‘other financial liabilities’. Financial instruments classified as FVTPL are recognized at fair value in the balance sheet when the Company has an obligation to perform under the contractual provisions of those instruments. Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangement. Changes in the fair value of financial instruments are recognized in earnings, except in cases where these financial instruments fall under the guidance in ASC 815-40, where they are initially classified in equity and are initially measured at fair value in permanent equity and subsequent changes in fair value are not subsequently measured. Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortized cost using the effective interest rate method.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"> </span>          <span style="font-family: 'Times New Roman';"> </span><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: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-weight: bold;">(r)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Segment Reporti<span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">ng:</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> <span style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">A segment is a distinguishable component of the business that is engaged in business activities from which the Company earns revenues and incurs expenses and whose operating results are regularly reviewed by the chief operating decision maker (“CODM”). Following the acquisition of M/Y Para Bellvm on April 11, 2025, the Company determined that, as of that date, it operated under <span style="text-indent: 0pt;">two</span> reportable segments: crude oil and oil products transportation services (referred to as the “tanker segment”) and recreational transportation services (referred to as the “megayacht segment”). The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s consolidated financial statements. When the Company charters a vessel or a megayacht to a charterer, the charterer is free to trade, or in the case of megayachts travel with, the vessel worldwide subject to certain exemptions and as a result for the tanker and megayacht segments the disclosure of geographic information is impracticable</span>.</span></div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"> </span>          <span style="font-family: 'Times New Roman';"> </span></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; font-family: 'Times New Roman'; font-weight: bold;">(s)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Leases:</div> </td> </tr> </table> <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: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Sale-leaseback transactions:</span> 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 (existence of a contract and satisfaction of performance obligation by transferring of the control of the asset). 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. 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> </td> </tr> </table> <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: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Finance lease:</span> The Company classifies a lease as a finance lease when the lease meets any of the following criteria at lease commencement:</div> </td> </tr> </table> <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="width: 36pt;"> <div><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">i.</div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.</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="width: 36pt;"> <div><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">ii.</div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.</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="width: 36pt;"> <div><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">iii.</div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; font-style: normal;">The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease.</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="width: 36pt;"> <div><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">iv.</div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is <span style="font-style: italic;">not</span> already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset.</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="width: 36pt;"> <div><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">v.</div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; font-style: normal;">The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </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; margin-left: 18pt; text-align: justify;">When none of these criteria are met the Company classifies the lease as an operating lease. </div> <div style="display:none;"><br/></div> <div style="text-indent: -9pt; margin-left: 9pt;"> <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="width: 18pt;"> </td> <td style="vertical-align: top; width: 18pt;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: justify;"><b><i>Operating lease- The Company as a lessee</i></b><b>:</b> The Company recognizes right-of-use assets (“ROU”) and corresponding lease liabilities for its operating leases. ROU assets and liabilities are recognized at the commencement date of an arrangement based on the present value of lease payments over the lease term. The operating lease ROU asset also includes any lease payments made to the lessor prior to lease commencement, less any lease incentives, and initial direct costs incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.</p> </td> </tr> </table> </div> <p style="font-variant: normal; margin: 0pt;"> </p> <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; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">(t)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Investments in unconsolidated joint ventures: </span>The Company’s investments in unconsolidated joint ventures are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its investments in unconsolidated joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced other than a temporary decline in value below their carrying value. If the estimated fair value is less than the carrying value and it is considered other than a temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the consolidated statements of comprehensive income.</div> </td> </tr> </table> <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: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">(u)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Other Comprehensive Income: </span>The<span 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; orphans: 2; text-align: justify; text-indent: -28.4px; 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;"> Company follows the provisions of guidance regarding reporting comprehensive income which requires separate presentation of certain transactions, such as unrealized gains and losses from effective portion of cash flow hedges, change in foreign currency translation adjustments, which are recorded directly as components of stockholders’ equity</span>.</div> </td> </tr> </table> <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: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">(v)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Impairment of Right of use assets from operating leases:</span> The Company evaluates its Right of use assets from operating leases for potential impairment when it determines a triggering event has occurred. When a triggering event has occurred, the Company performs a test of recoverability by comparing the expected undiscounted future cash flows (including expected residual values) over the remaining lease terms to the carrying value of the Right of use asset. If the test of recoverability identifies a possible impairment, the Right of use asset’s fair value is measured in accordance with the fair value measurement framework. An impairment charge is recognized for the amount by which the carrying value of the Right of use asset exceeds its estimated fair value and would be recorded in the consolidated statements of comprehensive income. For the year ended December 31, 2024, and 2025 there was no impairment of the Company’s Right of use assets from operating leases due to the absence of impairment indications for all of the Company’s vessels under operating leases.</div> </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;"> <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; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">(w)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Liability for European Union Allowances (“EUAs”): </span>The<span 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; orphans: 2; text-align: justify; text-indent: -28.4px; 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;"> maritime emissions trading scheme (“ETS”), applicable from January 1, 2024, applies to all the shipowning companies of the Company and refers to emissions generated by intra-EU maritime voyages and emissions from voyages which start or end at EU ports (but the other destination is outside the EU). Since the liability derives from the choice of voyages which are directed, controlled and the benefit of which is attributed to our time charterers, the latter are responsible and liable for securing the EUAs to settle the environmental credit obligations derived from voyages they performed. However, should they fail to do so, the ultimate liability lies with the shipowning companies. As such the liability to purchase EUAs for voyages subject to ETS performed by our vessels is presented by the Company under Accounts payable and the EUAs that are receivable by the Company from our time charterers are presented under Trade accounts receivable in the accompanying consolidated balance sheets. Any EUAs that have been paid into the EUA account of Central Mare Inc. <span 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; orphans: 2; text-align: justify; text-indent: -28.4px; 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;">(“Central Mare”) </span> by our Charterers are presented under Due from/to related parties (Note 5). Since the EU has set the  settlement of EUAs for the 2024 and 2025 voyages subject to ETS on September 30, 2025 and 2026, respectively, such receivables and liabilities have been presented as current. The liability in connection with the 2024 voyages was fully settled on September 30, 2025, as dictated by the EU. The receivable and payable EUAs as well as the EUAs paid by our time charterers to Central Mare Inc. are considered a Level 1 item in the fair value hierarchy (since the EUAs are quoted in an active market) and all such receivable and payable balances are presented at their fair value as at the reporting date</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: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">(x)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; text-align: justify;">Recent Accounting Pronouncements:<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <span style="font-weight: normal; font-style: normal;">In November 2023, the </span></span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, which requires the disclosure of significant segment expenses that are part of an entity’s segment measure of profit or loss and regularly provided to the chief operating decision maker. In </span><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;">addition, it adds or makes clarifications to other segment-related disclosures, such as clarifying that the disclosure requirements in ASC 280 are required for entities with a single reportable segment and that an entity may disclose m</span>ultiple measures of segment profit and loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be adopted retrospectively. The Company adopted ASU 2023-07 as of January 1, 2024 and its adoption did not have an impact on the Company’s financial statements or disclosures.<br/> </span></div> <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; text-align: justify;"><span style="font-weight: normal; font-style: normal;"> <br/> </span></div> <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; text-align: justify;"> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal;">In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”. The amendments in this Update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03 should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company evaluated the impact of this ASU on its financial statements and determined that there is no effect on its consolidated results of operations.</div> </div> </td> </tr> </table> <div> <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; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;"><br/> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the navigability and applicability of interim reporting guidance under US GAAP and adds a new disclosure principle for interim periods. The amendments are not intended to change the fundamental nature of interim reporting or expand or reduce substantive interim disclosure requirements. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities and after December 15, 2028 for entities other than public business entities, with early adoption permitted. The Company is currently evaluating the impact that adopting this update may have on its consolidated financial statement disclosures.</div> </div> </td> </tr> </table> </div> <div> <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; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;"><br/> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <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, Earnings Per Share; ASC 325, Investments — Other; and ASC 958, Not-for-Profit Entities. 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> </td> </tr> </table> </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: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;"><br/> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">There are no <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;">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.</span></div> </td> </tr> </table> <p style="font-variant: normal; margin: 0pt;"> </p><p style="font-variant: normal; margin: 0pt;"> </p> <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;"> <p style="font-variant: normal; margin: 0pt;"><b>(a)</b></p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="margin: 0pt; padding: 0px; font-variant: normal; text-align: justify;"><b><i>Principles of Consolidation:</i></b><b> </b>The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts and operating results of Top Ships Inc. and its subsidiaries referred to in Note <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1.</em> Intercompany balances and transactions have been eliminated on consolidation. Non-controlling interests are stated at the non-controlling interest’s proportion of the net assets of the subsidiaries where the Company has less than <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">100%</em> interest. Subsequent to initial recognition the carrying amount of non-controlling interest is increased or decreased by the non-controlling interest’s share of subsequent changes in the equity of such subsidiaries. Total comprehensive income is attributed to a non-controlling interest even if this results in a deficit balance. Changes in the Company’s ownership interests in subsidiaries that do <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">not</em> result in the Company losing control over the subsidiaries are accounted for as equity transactions and the carrying amounts of the Company’s interests and the non-controlling interests are adjusted to reflect these changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Company.</p> </td> </tr> </table> </div> <div> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="c52e81b46447409ea67d333d9b298809" 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;"> <p style="font-variant: normal; margin: 0pt;"><b>(b)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Use of Estimates:</i></b> 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 estimates mainly include impairment of vessels, vessel useful lives and residual values and fair values of derivative instruments. Actual results <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> may </em>differ from these estimates.</td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z558f830eb09c48a393839c85a6eb4b3d" 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;"> <p style="font-variant: normal; margin: 0pt;"><b>(c)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Foreign Currency Translation:</i></b> <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; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The <span 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; orphans: 2; text-align: justify; text-indent: -18.9333px; 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;">Company’s functional currency is the U.S. Dollar because most vessels operate in international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company’s books of account are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies are translated to U.S. Dollars based on the year-end exchange rates and any gains and losses are included in the consolidated statements of comprehensive income. For the Company’s subsidiaries that have an operating currency different than the US Dollar, foreign currency-denominated results of operations and cash flows are translated at the average exchange rate during the reporting period. Assets and liabilities of these subsidiaries are translated at the exchange rate in effect at the balance sheet date, while equity in the functional currency is translated at the historical rate of exchange at the time of capital contribution. Consequently, amounts reported on the consolidated statements of cash flows may not align precisely with changes in corresponding balances on the consolidated balance sheets. Translation adjustments resulting from period-to-period exchange rate fluctuations are included as a separate component of accumulated other comprehensive income in the consolidated balance sheets and the consolidated statements of changes in shareholders’ equity. For the year ended December 31, 2025, a gain of $<span style="text-indent: 0pt;">697</span>, was recorded under Change in foreign currency translation adjustments in the consolidated statements of comprehensive income</span>.</span></td> </tr> </table> 697000 <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="d20e2f0f0faa488d8093f32e5effec4d" 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;"> <p style="font-variant: normal; margin: 0pt;"><b>(d)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Cash and Cash Equivalents:</i></b> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">three</em> months or less to be cash equivalents.</td> </tr> </table> <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;"> <p style="font-variant: normal; margin: 0pt;"><b>(e)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Restricted Cash:</i></b> The Company considers amounts that are pledged, blocked, held as cash collateral, required to be maintained with a specific bank or be maintained by the Company as minimum cash under the terms of a loan agreement, as restricted and these amounts are presented separately on the balance sheets. In the event original maturities are shorter than <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">twelve</em> months, such deposits are presented as current assets while if original maturities are longer than <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">twelve</em> months, such deposits are presented as non-current assets.</td> </tr> </table> <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;"> <p style="font-variant: normal; margin: 0pt;"><b>(f)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Trade Accounts Receivable, net:</i></b> The amount shown as trade accounts receivable, net at each balance sheet date, includes estimated recoveries from charterers for hire billings, net of a provision for doubtful accounts and also accrued revenue resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates as well as receivable European Union Allowances (“EUAs”) from charterers (see below). As of December 31, 2024 and 2025 accrued revenue resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates amounted to $3,183 and $2,400 respectively, broken down into current ($783 and $1,245 as of December 31, 2024 and 2025, respectively) and non-current ($2,400 and $1,155 as of December 31, 2024 and 2025, respectively) portions according to their expected recognition. At each balance sheet date, all potentially uncollectible accounts are assessed individually, combined with the application of a historical recoverability ratio, for purposes of determining the appropriate provision for doubtful accounts. The Company assessed that it had <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">no</em> potentially uncollectible accounts and hence formed no provision for doubtful accounts at <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> December 31, 2024 </em>and <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2025</em> respectively.</td> </tr> </table> 3183000 2400000 783000 1245000 2400000 1155000 0 0 <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;"> <p style="font-variant: normal; margin: 0pt;"><b>(g)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Inventories:</i></b> Inventories consist of lubricants, bonded stores and spares on board the vessels. Inventories are stated at the lower of cost and net realizable value. Cost, which consists of the purchase price, is determined by the first in, first out method.</td> </tr> </table> <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;"> <p style="font-variant: normal; margin: 0pt;"><b>(h)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Vessel Cost:</i></b> Vessels are stated at cost, which in case of a newbuilding vessel, consists of the contract price, pre-delivery costs and capitalized interest incurred during its construction, and any material expenses incurred upon acquisition (improvements and delivery costs). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are charged to expenses as incurred and are included in Vessel operating expenses in the consolidated statements of comprehensive income.</td> </tr> </table> <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;"> <p style="font-variant: normal; margin: 0pt;"><b>(i)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Impairment of Long-Lived Assets:</i></b> The Company evaluates the existence of impairment indicators whenever events or changes in circumstances indicate that the carrying values of the Company’s long-lived assets are <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">not</em> recoverable. Such indicators of potential impairment include vessel sales and purchases, business plans, declines in the fair market value of vessels and overall market conditions. If there are indications for impairment present, the Company determines undiscounted projected net operating cash flows for each vessel and compares it to the vessel’s carrying value. If the carrying value of the related vessel exceeds its undiscounted future net cash flows, the carrying value is reduced to its fair value, and the difference is recognized as an impairment loss. The impairment evaluation the Company conducted as of <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> December 31, 2024, </em>and <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2025</em> showed that there are no impairment indications for any of the vessels held for use in the Company’s fleet.</td> </tr> </table> 0 0 <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;"> <p style="font-variant: normal; margin: 0pt;"><b>(j)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Vessel Dep<span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">reciation:</span></i></b><span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> Depreciation is calculated using the straight-line method over the estimated useful life of the vessels, after deducting the estimated salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate, which up until December 31, 2023 was estimated to be $0.3 per lightweight ton. Effective January 1, 2024, the Company revised its scrap rate estimate from $0.3 to $0.43 per lightweight ton, in order to align the scrap rate estimate with the current historical average scrap prices and to better reflect current market conditions. The change in this accounting estimate, pursuant to ASC 250 “Accounting Changes and Error Corrections”, was applied prospectively and did not require retrospective application<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-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: -24px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Management estimates the useful life of the Company’s vessels to be <span style="text-indent: 0pt;">25</span> years from the date of initial delivery from the shipyard, with the exception of  mega yachts for which the estimated useful life is <span style="text-indent: 0pt;">30</span> years. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is adjusted at the date such regulations are adopted</span>.</span></span></td> </tr> </table> 300 300 430 430 P25Y P30Y <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;"> <p style="font-variant: normal; margin: 0pt;"><b>(k)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Long-Lived Assets Held for Sale:</i></b> The Company classifies vessels as being held for sale when the following criteria are met: (a) management, having the authority to approve the action, commits to a plan to sell the asset, (b) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets, (c) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated, (d) the sale of the asset is probable and transfer of the asset is expected to qualify for recognition as a completed sale, within <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">one</em> year, (e) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value, (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</td> </tr> </table> <div style="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: 18pt;"> <p style="font-variant: normal; margin: 0pt;"><br/> </p> </td> <td style="vertical-align: top; width: auto; text-align: justify;">Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. These vessels are <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">not</em> depreciated once they meet the criteria to be classified as held for sale. <br/> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z966b4065b2d548d08075753585595d40" 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;"> <p style="font-variant: normal; margin: 0pt;"><br/> </p> </td> <td style="vertical-align: top; width: auto; text-align: justify;">Long-lived assets <span 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; 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;">previously classified as held for sale that are classified as held and used are revalued at the lower of (a) the carrying amount of the asset before it was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset been continuously classified as held and used and (b) the fair value of the asset at the date that the Company decided not to sell the asset. </span></td> </tr> </table> <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;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>(l)</b></p> </td> <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Other Fixed Assets, Net: <span style="font-style: normal; font-weight: normal;">Other fixed assets, net, consist of furniture, office equipment, art works and cars, stated at cost, which consist of the purchase/contract price less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the assets as presented below:</span></i></b></td> </tr> </table> <p style="font-variant: normal; margin: 0pt;"> </p> <div style="margin-left: 18pt;"> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td style="border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Description</b></p> </td> <td colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Useful Life (years)</b></b></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Cars</p> </td> <td colspan="1" style="margin-left: 0pt; text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"><br/> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">6</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Office equipment</p> </td> <td colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: center; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">5</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Furniture and fittings</p> </td> <td colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">5</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Computer equipment</p> </td> <td colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: center; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">3</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Art works</div> </td> <td colspan="1" rowspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: top; text-align: center; width: 9%; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_9c9a0b41dc1e4aa78a9ac0c0fc6c5ae7">∞</span></span></div> </div> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table> </div> <div style="margin-left: 18pt;"> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td style="border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Description</b></p> </td> <td colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Useful Life (years)</b></b></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Cars</p> </td> <td colspan="1" style="margin-left: 0pt; text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"><br/> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">6</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Office equipment</p> </td> <td colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: center; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">5</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Furniture and fittings</p> </td> <td colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">5</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Computer equipment</p> </td> <td colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: center; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">3</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Art works</div> </td> <td colspan="1" rowspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: top; text-align: center; width: 9%; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_9c9a0b41dc1e4aa78a9ac0c0fc6c5ae7">∞</span></span></div> </div> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table> </div> P6Y P5Y P5Y P3Y <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; font-family: 'Times New Roman'; font-weight: bold;">(m)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Accounting for Dry-Docking Costs:</span> All dry-docking and special survey costs are expensed in the period incurred.</div> </td> </tr> </table> <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; font-family: 'Times New Roman'; font-weight: bold;">(n)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Financing Costs:</span> Fees incurred and paid to the lenders for obtaining new loans or Sale and lease backs (“SLBs”) or refinancing existing ones are recorded as a contra to debt and such fees are amortized to interest and finance costs over the life of the related debt using the effective interest method. Any unamortized balance of costs relating to debt repaid or refinanced that meet the criteria for Debt Extinguishment (Subtopic 470-50), is expensed in interest and finance costs in the period in which the repayment is made or refinancing occurs. Any unamortized balance of costs relating to debt refinanced that does not meet the criteria for Debt Extinguishment, is amortized over the term of the refinanced debt.</div> </td> </tr> </table> <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; font-family: 'Times New Roman'; font-weight: bold;">(o)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Accounting for Revenue and Expenses:</span> Revenues are generated from time charter arrangements. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable monthly in advance. Revenue is shown net of address commissions, if applicable, payable directly to charterers under the relevant charter agreements. Address commissions represent a common market practice discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer. Commissions on time charter revenues are recognized on a pro rata basis over the duration of the period.</div> </td> </tr> </table> <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: 18pt; vertical-align: top; font-family: 'Times New Roman';"> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;">The Company based on ASC 842 determined that all time charter-out contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company as lessor, does not have substantive substitution rights; and (iii) the charterer, as lessee, has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use.<br/> </div> </td> </tr> </table> <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: 18pt; vertical-align: top; font-family: 'Times New Roman';"> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;">Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel’s delivery to the charterer until the vessel is redelivered to the Company, except for any off-hire period. Revenue generated from variable lease payments is recognized in the period when changes in the facts and circumstances on which the variable lease payments are based occur. The Company elected to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and (ii) the lease component would be classified as an operating lease. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubes. Both the lease and non-lease components are earned by passage of time. Under a time charter agreement, management fees and vessel operating expenses such as crew wages, provisions and stores, technical maintenance and insurance expenses as well as limited voyage expenses, mainly consisting of broker’s commissions, are paid by the vessel owner, whereas voyage expenses such as bunkers, port expenses, agents’ fees, and extra war risk insurance are paid by the charterer. Vessel operating expenses, management fees and voyage expenses are expensed as incurred. Unearned revenue represents cash received prior to year-end related to revenue applicable to periods after December 31 of each year and also amounts resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates broken down into current and non-current portions according to their expected realization.<br/> </div> </td> </tr> </table> <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: 18pt; vertical-align: top; font-family: 'Times New Roman';"> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;">When vessels are acquired with time charters attached and the rates on such charters are below or above market on the acquisition date, the Company allocates the total cost between the vessel and the fair value of the attached time charter based on the relative fair values of the vessel and time charter acquired. The fair value of the attached time charter is computed as the present value of the difference between the contractual amount to be received over the term of the time charter and management’s estimates of the market time charter rate at the time of acquisition. The fair value of below or above market time charter is recognized as a liability or an intangible asset respectively and is amortized over the remaining period of the time charter as an increase or decrease to revenues.</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: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';"> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;">Where the time charter contains a profit or loss sharing arrangement, the profit or loss is recognized based on amounts earned or incurred as of the reporting date.</div> </td> </tr> </table> <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: 18pt; vertical-align: top; font-family: 'Times New Roman';"> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;">The Company pays commissions to ship brokers and to the Company’s fleet manager (Note 5), a related party affiliated with the family of Mr. Evangelos J. Pistiolis, associated with arranging the Company’s charters. These brokers’ commissions are recognized over the related charter period and are included in voyage expenses.</div> </td> </tr> </table> <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; font-family: 'Times New Roman'; font-weight: bold;">(p)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: 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; font-weight: bold; font-style: italic;">Earnings / (Loss) per Share:</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: 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; font-weight: bold;"> <span style="font-weight: normal;">Basic earnings/ (loss) per share are computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised. For purposes of calculating diluted earnings per share the denominator of the diluted earnings per share calculation includes the incremental shares assumed issued under the treasury stock method weighted for the period the non-vested shares were outstanding. The computation of diluted earnings per share also reflects the potential dilution that could occur if warrants to issue common stock were exercised, to the extent that they are dilutive, using the treasury stock method, the potential dilution that could occur if convertible preferred stock were converted, using the if-converted method. Finally net income or loss available to common stockholders, when computing basic earnings/(loss) per share, is reduced to reflect any dividends or deemed dividends on preferred stock.</span></span><br/> </div> </td> </tr> </table> <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; font-family: 'Times New Roman'; font-weight: bold;">(q)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Financial liabilities:</span><span style="font-weight: bold;"> </span>Financial liabilities are classified as either financial liabilities at ‘fair value through the profit and loss’ (“FVTPL”) or ‘other financial liabilities’. Financial instruments classified as FVTPL are recognized at fair value in the balance sheet when the Company has an obligation to perform under the contractual provisions of those instruments. Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangement. Changes in the fair value of financial instruments are recognized in earnings, except in cases where these financial instruments fall under the guidance in ASC 815-40, where they are initially classified in equity and are initially measured at fair value in permanent equity and subsequent changes in fair value are not subsequently measured. Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortized cost using the effective interest rate method.</div> </td> </tr> </table> <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; font-family: 'Times New Roman'; font-weight: bold;">(r)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Segment Reporti<span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">ng:</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> <span style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">A segment is a distinguishable component of the business that is engaged in business activities from which the Company earns revenues and incurs expenses and whose operating results are regularly reviewed by the chief operating decision maker (“CODM”). Following the acquisition of M/Y Para Bellvm on April 11, 2025, the Company determined that, as of that date, it operated under <span style="text-indent: 0pt;">two</span> reportable segments: crude oil and oil products transportation services (referred to as the “tanker segment”) and recreational transportation services (referred to as the “megayacht segment”). The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s consolidated financial statements. When the Company charters a vessel or a megayacht to a charterer, the charterer is free to trade, or in the case of megayachts travel with, the vessel worldwide subject to certain exemptions and as a result for the tanker and megayacht segments the disclosure of geographic information is impracticable</span>.</span></div> </td> </tr> </table> 2 <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; font-family: 'Times New Roman'; font-weight: bold;">(s)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Leases:</div> </td> </tr> </table> <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: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Sale-leaseback transactions:</span> 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 (existence of a contract and satisfaction of performance obligation by transferring of the control of the asset). 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. 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> </td> </tr> </table> <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: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Finance lease:</span> The Company classifies a lease as a finance lease when the lease meets any of the following criteria at lease commencement:</div> </td> </tr> </table> <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="width: 36pt;"> <div><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">i.</div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.</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="width: 36pt;"> <div><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">ii.</div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.</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="width: 36pt;"> <div><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">iii.</div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; font-style: normal;">The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease.</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="width: 36pt;"> <div><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">iv.</div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is <span style="font-style: italic;">not</span> already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset.</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="width: 36pt;"> <div><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">v.</div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; font-style: normal;">The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </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; margin-left: 18pt; text-align: justify;">When none of these criteria are met the Company classifies the lease as an operating lease. </div> <div style="display:none;"><br/></div> <div style="text-indent: -9pt; margin-left: 9pt;"> <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="width: 18pt;"> </td> <td style="vertical-align: top; width: 18pt;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: justify;"><b><i>Operating lease- The Company as a lessee</i></b><b>:</b> The Company recognizes right-of-use assets (“ROU”) and corresponding lease liabilities for its operating leases. ROU assets and liabilities are recognized at the commencement date of an arrangement based on the present value of lease payments over the lease term. The operating lease ROU asset also includes any lease payments made to the lessor prior to lease commencement, less any lease incentives, and initial direct costs incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.</p> </td> </tr> </table> </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; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">(t)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Investments in unconsolidated joint ventures: </span>The Company’s investments in unconsolidated joint ventures are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its investments in unconsolidated joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced other than a temporary decline in value below their carrying value. If the estimated fair value is less than the carrying value and it is considered other than a temporary decline, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the consolidated statements of comprehensive income.</div> </td> </tr> </table> <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; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">(u)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Other Comprehensive Income: </span>The<span 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; orphans: 2; text-align: justify; text-indent: -28.4px; 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;"> Company follows the provisions of guidance regarding reporting comprehensive income which requires separate presentation of certain transactions, such as unrealized gains and losses from effective portion of cash flow hedges, change in foreign currency translation adjustments, which are recorded directly as components of stockholders’ equity</span>.</div> </td> </tr> </table> <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; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">(v)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Impairment of Right of use assets from operating leases:</span> The Company evaluates its Right of use assets from operating leases for potential impairment when it determines a triggering event has occurred. When a triggering event has occurred, the Company performs a test of recoverability by comparing the expected undiscounted future cash flows (including expected residual values) over the remaining lease terms to the carrying value of the Right of use asset. If the test of recoverability identifies a possible impairment, the Right of use asset’s fair value is measured in accordance with the fair value measurement framework. An impairment charge is recognized for the amount by which the carrying value of the Right of use asset exceeds its estimated fair value and would be recorded in the consolidated statements of comprehensive income. For the year ended December 31, 2024, and 2025 there was no impairment of the Company’s Right of use assets from operating leases due to the absence of impairment indications for all of the Company’s vessels under operating leases.</div> </td> </tr> </table> 0 0 <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <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; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">(w)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Liability for European Union Allowances (“EUAs”): </span>The<span 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; orphans: 2; text-align: justify; text-indent: -28.4px; 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;"> maritime emissions trading scheme (“ETS”), applicable from January 1, 2024, applies to all the shipowning companies of the Company and refers to emissions generated by intra-EU maritime voyages and emissions from voyages which start or end at EU ports (but the other destination is outside the EU). Since the liability derives from the choice of voyages which are directed, controlled and the benefit of which is attributed to our time charterers, the latter are responsible and liable for securing the EUAs to settle the environmental credit obligations derived from voyages they performed. However, should they fail to do so, the ultimate liability lies with the shipowning companies. As such the liability to purchase EUAs for voyages subject to ETS performed by our vessels is presented by the Company under Accounts payable and the EUAs that are receivable by the Company from our time charterers are presented under Trade accounts receivable in the accompanying consolidated balance sheets. Any EUAs that have been paid into the EUA account of Central Mare Inc. <span 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; orphans: 2; text-align: justify; text-indent: -28.4px; 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;">(“Central Mare”) </span> by our Charterers are presented under Due from/to related parties (Note 5). Since the EU has set the  settlement of EUAs for the 2024 and 2025 voyages subject to ETS on September 30, 2025 and 2026, respectively, such receivables and liabilities have been presented as current. The liability in connection with the 2024 voyages was fully settled on September 30, 2025, as dictated by the EU. The receivable and payable EUAs as well as the EUAs paid by our time charterers to Central Mare Inc. are considered a Level 1 item in the fair value hierarchy (since the EUAs are quoted in an active market) and all such receivable and payable balances are presented at their fair value as at the reporting date</span>.</div> </td> </tr> </table> </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; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">(x)</td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; text-align: justify;">Recent Accounting Pronouncements:<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <span style="font-weight: normal; font-style: normal;">In November 2023, the </span></span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, which requires the disclosure of significant segment expenses that are part of an entity’s segment measure of profit or loss and regularly provided to the chief operating decision maker. In </span><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;">addition, it adds or makes clarifications to other segment-related disclosures, such as clarifying that the disclosure requirements in ASC 280 are required for entities with a single reportable segment and that an entity may disclose m</span>ultiple measures of segment profit and loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be adopted retrospectively. The Company adopted ASU 2023-07 as of January 1, 2024 and its adoption did not have an impact on the Company’s financial statements or disclosures.<br/> </span></div> <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; text-align: justify;"><span style="font-weight: normal; font-style: normal;"> <br/> </span></div> <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; text-align: justify;"> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal;">In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”. The amendments in this Update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03 should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company evaluated the impact of this ASU on its financial statements and determined that there is no effect on its consolidated results of operations.</div> </div> </td> </tr> </table> <div> <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; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;"><br/> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the navigability and applicability of interim reporting guidance under US GAAP and adds a new disclosure principle for interim periods. The amendments are not intended to change the fundamental nature of interim reporting or expand or reduce substantive interim disclosure requirements. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities and after December 15, 2028 for entities other than public business entities, with early adoption permitted. The Company is currently evaluating the impact that adopting this update may have on its consolidated financial statement disclosures.</div> </div> </td> </tr> </table> </div> <div> <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; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;"><br/> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <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, Earnings Per Share; ASC 325, Investments — Other; and ASC 958, Not-for-Profit Entities. 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> </td> </tr> </table> </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: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;"><br/> </td> <td style="width: auto; vertical-align: top;"> <div style="font-family: 'Times New Roman'; text-align: justify; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">There are no <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;">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.</span></div> </td> </tr> </table> <p style="font-variant: normal; margin: 0pt;"> </p><p style="font-variant: normal; margin: 0pt;"> </p> <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: 27pt;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">3.</em></b></p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b>Going Concern:</b></p> </td> </tr> </table> </div> <p style="font-variant: normal; margin: 0pt;"> </p><p style="margin: 0pt; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-transform: none; color: rgb(0, 0, 0);">At December 31, 2025, the Company had a working capital deficit of $15,509 which included an amount of $3,228 relating to pre-collected revenue and is included in Unearned revenue in the accompanying consolidated balance sheets. This amount represents a current liability that does not require future cash settlement. For the year ended December 31, 2025, the Company realized net income of $3,086 and generated cash flow from operations of $26,431. In addition, as of the date of issuance of these financial statements and for the next 12 months, the Company had contractual commitments for the Newbuilding Tankers it had contracted to acquire (see Note 8 and 19) of $4,520, out of which for $3,842 the Company has secured financing for (see Note 8 and 19). Furthermore, the Company has additional contractual obligations to Central Mare as the seller of the Newbuilding Tankers as of the date of issuance of these financial statements amounting to $19,593, up to April 15, 2026, for which under certain circumstances Central Mare can demand the payment of any outstanding installment in the form of newly-issued Series G Preferred Shares (Note 19).</p><p style="margin: 0pt; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-transform: none; color: rgb(0, 0, 0);"> <br/> </p> <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">In the Company’s opinion, the Company will be able to finance its working capital deficit in the next 12 months with cash on hand and operational cash flow and cash flows from financing activities, including potential equity offerings and hence the Company believes it has the ability to continue as a going concern and finance its obligations as they come due via cash from operations over the next twelve months following the date of the issuance of these financial statements. 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.</div> <p style="margin: 0pt; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-transform: none; color: rgb(0, 0, 0);"> </p> -15509000 3228000 3086000 26431000 4520000 3842000 19593000 <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: 27pt;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">4</em>.</b></p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b>(a) Vessels, net:</b></p> </td> </tr> </table> </div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"> </p><p style="font-variant: normal; margin: 0pt; text-indent: 9pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The amounts in the consolidated balance sheets are analyzed as follows:</p><p style="font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td style="white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="text-align: center; white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Vessel </b></b><b><b>Cost</b></b></p> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b> </b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="text-align: center; white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Accumulated</b></b></p> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b> Depreciation</b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="text-align: center; white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Net Book Value</b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Balance, December 31, </b><span style="font-weight: bold;"><span style="text-indent: 0pt;">2023</span></span></p> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">409,264</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(<span style="text-indent: 0pt;">34,554</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">374,710</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">— Depreciation</p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(<span style="text-indent: 0pt;">13,336</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(<span style="text-indent: 0pt;">13,336</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Balance, December 31, </b><span style="font-weight: bold;"><span style="text-indent: 0pt;">2024</span></span></p> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">409,264</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(<span style="text-indent: 0pt;">47,890</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">361,374</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">— Additions</p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">28,017</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(<span style="text-indent: 0pt;">1,556</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">26,461</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 64%; background-color: #CCEEFF;" valign="bottom">— Rubico Spin-off <br/> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(<span style="text-indent: 0pt;">126,646</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">18,716</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(<span style="text-indent: 0pt;">107,930</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 64%;" valign="bottom">— Foreign currency translation differences <br/> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">958</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(<span style="text-indent: 0pt;">126</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">832</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 64%; background-color: #CCEEFF;" valign="bottom">— Depreciation <br/> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(<span style="text-indent: 0pt;">12,271</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(<span style="text-indent: 0pt;">12,271</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Balance, December 31, <span style="text-indent: 0pt;">2025</span></b></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><b><span style="text-indent: 0pt;">311,593</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><b>(<span style="text-indent: 0pt;">43,127</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"><b>)</b></td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><b><span style="text-indent: 0pt;">268,466</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <p style="font-variant: normal; margin: 0pt; text-indent: 18pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: 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;">As of December 31, 2025 title of ownership is held by the relevant lenders in respect of vessels with a carrying value of $241,857 to secure the relevant sale and lease back financing transactions and in the case of vessels financed via bank loans a vessel with a carrying value of $26,609 has been mortgaged as security under its respective loan facility.</span><br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> <br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> </p> <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: 27pt;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-size: 10pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">4.</em></b></p> </td> <td style="vertical-align: top;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-size: 10pt;"><b>(b) Advances for vessels under construction:</b></p> </td> </tr> </table> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> <br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">An analysis of Advances for vessels under construction is as follows:</p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> <br/> </p> <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;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Advances for</div> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> vessels under</div> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> construction</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; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Balance, December 31, 2024</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; font-weight: bold;">-</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: 88%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">— 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="font-family: 'Times New Roman'; font-size: 10pt;">8,567</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%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">— Advances paid</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;">7,599</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: 88%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">— Capitalized expenses</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="font-family: 'Times New Roman'; font-size: 10pt;">1,082</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%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">— Capitalized Imputed interest</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;">629</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: 88%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">— Foreign currency translation differences</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="font-family: 'Times New Roman'; font-size: 10pt;">330</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%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Balance, December 31, 2025</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">18,207</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The amounts in the consolidated balance sheets are analyzed as follows:</p><p style="font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td style="white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="text-align: center; white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Vessel </b></b><b><b>Cost</b></b></p> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b> </b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="text-align: center; white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Accumulated</b></b></p> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b> Depreciation</b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="text-align: center; white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Net Book Value</b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Balance, December 31, </b><span style="font-weight: bold;"><span style="text-indent: 0pt;">2023</span></span></p> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">409,264</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(<span style="text-indent: 0pt;">34,554</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">374,710</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">— Depreciation</p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(<span style="text-indent: 0pt;">13,336</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(<span style="text-indent: 0pt;">13,336</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Balance, December 31, </b><span style="font-weight: bold;"><span style="text-indent: 0pt;">2024</span></span></p> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">409,264</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(<span style="text-indent: 0pt;">47,890</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">361,374</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">— Additions</p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">28,017</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(<span style="text-indent: 0pt;">1,556</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">26,461</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 64%; background-color: #CCEEFF;" valign="bottom">— Rubico Spin-off <br/> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(<span style="text-indent: 0pt;">126,646</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">18,716</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(<span style="text-indent: 0pt;">107,930</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 64%;" valign="bottom">— Foreign currency translation differences <br/> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">958</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(<span style="text-indent: 0pt;">126</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">832</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 64%; background-color: #CCEEFF;" valign="bottom">— Depreciation <br/> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(<span style="text-indent: 0pt;">12,271</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(<span style="text-indent: 0pt;">12,271</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Balance, December 31, <span style="text-indent: 0pt;">2025</span></b></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><b><span style="text-indent: 0pt;">311,593</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><b>(<span style="text-indent: 0pt;">43,127</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"><b>)</b></td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><b><span style="text-indent: 0pt;">268,466</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 409264000 34554000 374710000 13336000 13336000 409264000 47890000 361374000 28017000 1556000 26461000 126646000 18716000 107930000 958000 126000 832000 12271000 12271000 311593000 43127000 268466000 241857000 26609000 <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">An analysis of Advances for vessels under construction is as follows:</p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> <br/> </p> <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;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Advances for</div> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> vessels under</div> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> construction</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; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Balance, December 31, 2024</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; font-weight: bold;">-</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: 88%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">— 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="font-family: 'Times New Roman'; font-size: 10pt;">8,567</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%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">— Advances paid</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;">7,599</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: 88%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">— Capitalized expenses</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="font-family: 'Times New Roman'; font-size: 10pt;">1,082</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%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">— Capitalized Imputed interest</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;">629</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: 88%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">— Foreign currency translation differences</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="font-family: 'Times New Roman'; font-size: 10pt;">330</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%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Balance, December 31, 2025</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">18,207</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table> 0 8567000 7599000 1082000 629000 330000 18207000 <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: 27pt;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">5.</em></b></p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b>Transactions with Related Parties:</b></p> </td> </tr> </table> </div> <p style="font-variant: normal; margin: 0pt;"> </p><p style="font-variant: normal; margin: 0pt; text-indent: 9pt;"> </p> <div style="text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <span style="font-style: italic;"><b>(a)</b> <b>Central Mare</b> –<b> Executive Officers and Other Personnel Agreements:</b></span> On September 1, 2010, the Company entered into separate agreements with Central Mare, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, pursuant to which Central Mare provides the Company with its executive officers (Chief Executive Officer, Chief Financial Officer) and a number of administrative employees. </span></div> <p style="font-variant: normal; margin: 0pt; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;"><br/> </p> <div><span style="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'; 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;">As of December 31, 2024 and 2025, the amounts due from Central Mare were $351 and $1,037 respectively, reflecting the fact that Central Mare has collected $351 and $1,037 worth of EUA’s on the Company’s behalf from the Company’s charterers, respectively. Such amount is included in Due (to)/from related parties in the accompanying consolidated balance sheets.</div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <p style="font-variant: normal; margin: 0pt; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;"><br/> </p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The fees charged by and expenses relating to Central Mare for the years ended December 31, 2023, 2024 and 2025 are as follows:</span><br/> </p><p style="font-variant: normal; margin: 0pt;"><br/> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%;" valign="bottom"> </td> <td colspan="1" style="text-align: center; font-family: 'Times New Roman'; width: 1%;" valign="bottom"> </td> <td colspan="5" style="text-align: center; font-family: 'Times New Roman';" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Year Ended December 31,</b></b></p> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1.08%; white-space: nowrap;" valign="bottom"> </td> <td style="font-family: 'Times New Roman'; width: 50%;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: center; font-family: 'Times New Roman'; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b> <span style="text-indent: 0pt;">2023</span><br/> </b></b></p> </td> <td style="text-align: center; font-family: 'Times New Roman'; width: 1.08%; padding-bottom: 2px; vertical-align: bottom;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><br/> </b></b></p> </td> <td style="text-align: center; font-family: 'Times New Roman'; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom;"> <b><b><span style="text-indent: 0pt;">2024</span></b></b></td> <td style="text-align: center; font-family: 'Times New Roman'; width: 1.08%; padding-bottom: 2px; vertical-align: bottom;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><br/> </b></b></p> </td> <td style="text-align: center; font-family: 'Times New Roman'; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom;"> <b><b><span style="text-indent: 0pt;">2025</span></b></b></td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1.08%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td style="text-align: left; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b>Presented in:</b></p> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Executive officers and other personnel expenses</p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;"><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">General and administrative expenses – Consolidated statements of comprehensive income</em></p> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Total</b></p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; font-weight: bold;" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; font-weight: bold;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; font-weight: bold;" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; font-weight: bold;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; font-weight: bold;" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1.08%; white-space: nowrap;" valign="bottom"> </td> <td style="font-family: 'Times New Roman'; width: 50%;" valign="bottom"><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> </em></td> </tr> </table> <div> <br/></div> <div><br/></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold;"><i>(b) Central Shipping Inc (</i>“<i>CSI</i>”<i>) </i>–<i> Letter Agreement and Management Agreements:</i></span> On January 1, 2019, the Company entered into a letter agreement with CSI (“CSI Letter Agreement”), a related party affiliated with the family of Evangelos J. Pistiolis and between January 1, 2019 and September 8, 2021 the Company entered into management agreements, or Management Agreements, between CSI and the Company’s vessel-owning subsidiaries. The CSI Letter Agreement can only be terminated subject to an eighteen-month advance notice, subject to a termination fee equal to twelve months of fees payable under the CSI Letter Agreement.</p> <div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <p style="font-variant: normal; margin: 0pt; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;"><br/> </p> <div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;">Pursuant to the CSI Letter Agreement, as well as the Management Agreements concluded between CSI and the Company’s vessel-owning subsidiaries, the Company pays a management fee of $670 per day per vessel for the provision of technical, commercial, operation, insurance, bunkering and crew management, commencing three months before the vessel is scheduled to be delivered by the shipyard. In addition, the Management Agreements provide for payment to CSI of: (i) $609 per day for superintendent visits plus actual expenses; (ii) a chartering commission of 1.25% on all freight, hire and demurrage revenues; (iii) a commission of 1.00% on all gross vessel sale proceeds or the purchase price paid for vessels and (iv) a financing fee of 0.2% on derivative agreements and loan financing or refinancing. CSI also performs supervision services for all of the Company’s newbuilding vessels while the vessels are under construction, for which the Company pays CSI the actual cost of the supervision services plus a fee of 7% of such supervision services.</p> <div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <p style="font-variant: normal; margin: 0pt; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;"><br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;">CSI provides, at cost, all accounting, reporting and administrative services. Finally, the CSI Letter Agreement provides for a performance incentive fee for the provision of management services to be determined at the discretion of the Company’s Board of Directors. The management agreements have an initial term of five years, after which they will continue to be in effect until terminated by either party subject to an eighteen-month advance notice of termination. Pursuant to the terms of the management agreements, all fees payable to CSI are adjusted annually according to the US Consumer Price Inflation (“CPI”) of the previous year. If CPI is less than 2% then a 2% increase is effected and if CPI is more than 5%, then a 5% increase is effected. On September 15, 2021 the Company entered into an amendment to the CSI Letter Agreement, whereby the payment for the already agreed commission for sale and purchase of vessels in the case of the purchase of a vessel under construction is denoted as “Newbuilding vessels monitoring fee” and is payable as follows: 25% of the commission on the purchase of the newbuilding construction contract, 25% of the commission on the steel cutting of the newbuilding vessel, 25% of the commission on launching of the newbuilding vessel and 25% of the commission on the delivery of the newbuilding vessel to the Company (“steel cutting” and “launching” are newbuilding vessel construction milestones, evidenced by notices received by the shipyard).</p> <div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"> <br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;">As of December 31, 2024 and 2025, the amounts due from/(to) CSI were $480 and $(437) respectively and are presented in Due to related parties and due from related parties, respectively, on the consolidated balance sheets.<br/> </p><p style="font-variant: normal; margin: 0pt;"><br/> </p><p style="font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">The fees charged by and expenses relating to CSI for the years ended December 31, 2023, 2024 and 2025 are as follows:</p><p style="font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr> <td style="font-family: 'Times New Roman'; width: 25%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="5" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> <div><b>Year Ended December 31,</b></div> </td> <td colspan="1" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; width: 1.08%; white-space: nowrap;" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; padding-bottom: 2px; width: 25%;" valign="bottom"> </td> <td colspan="1" style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" valign="bottom"> </td> <td style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b> <span style="text-indent: 0pt;">2023</span><br/> </b></b></p> </td> <td colspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; width: 1.08%; padding-bottom: 2px;" valign="bottom"> </td> <td style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><span style="text-indent: 0pt;">2024</span><br/> </b></b></p> </td> <td colspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; width: 1.08%; padding-bottom: 2px;" valign="bottom"> </td> <td style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><span style="text-indent: 0pt;">2025</span><br/> </b></b></p> </td> <td colspan="1" style="text-align: center; font-family: 'Times New Roman'; width: 1.08%; padding-bottom: 2px;" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; border-bottom: 2px solid rgb(0, 0, 0); width: 50%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b>Presented in:</b></p> </td> </tr> <tr style="vertical-align: bottom;"> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 25%; background-color: rgb(204, 238, 255);"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Management fees </p> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 18pt; text-indent: -9pt; text-align: right;"> <span style="text-indent: 0pt;">1,840</span> </div> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;"><span style="text-indent: 0pt;">1,906</span> </div> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">1,912</span> <br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; background-color: rgb(204, 238, 255);" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Management fees – related parties – Consolidated statements of comprehensive income</p> </td> </tr> <tr style="vertical-align: bottom;"> <td colspan="1" rowspan="3" style="font-family: 'Times New Roman'; width: 25%; text-align: left; vertical-align: middle;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Superintendent fees</p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">42</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">46</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">11</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%;" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Vessel operating expenses – Consolidated statements of comprehensive income</p> </td> </tr> <tr style="vertical-align: bottom;"> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">-</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">-</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">3</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%;" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Capitalized in Vessels, net – Balance sheet</p> </td> </tr> <tr style="vertical-align: bottom;"> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">74</span></td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%;" valign="bottom"> </td> <td rowspan="1" style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 12pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';">Dry-docking costs -</span> <span style="font-size: 10pt; font-family: 'Times New Roman';">Consolidated statements of comprehensive income</span></div> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%; background-color: rgb(204, 238, 255);" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Accounting and reporting cost</p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Management fees – related parties – Consolidated statements of comprehensive income <br/> </p> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%; white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Commission for sale and purchase of vessels</p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">-</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">-</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">778</span></td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%;" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Management fees – related parties – Consolidated statement of comprehensive income</p> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%; background-color: rgb(204, 238, 255);" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Newbuilding vessels monitoring fee</p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">-</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">-</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">417</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td style="text-align: left; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; background-color: rgb(204, 238, 255);" valign="bottom">Capitalized in Advances for vessels under construction – Balance sheet </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Financing fees</p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">164</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">586</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">414</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%;" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Net in Current and Non-current portions of long-term debt – Balance sheet</p> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%; background-color: rgb(204, 238, 255);" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Commission on charter hire revenue</p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">1,037</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">1,040</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">1,015</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; background-color: rgb(204, 238, 255);" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Voyage expenses - Consolidated statements of comprehensive income</p> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Total</b></p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">3,443</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">4,012</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">4,910</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 1.08%;" valign="bottom"> </td> <td style="font-family: 'Times New Roman'; width: 50%;" valign="bottom"><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> </em></td> </tr> </table> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"></p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold;"><i>(c)</i> <span style="font-style: italic;">Issuance and conversion of Series E Shares: </span><span style="font-weight: normal;">On March 29, 2019 the Company entered into a stock purchase agreement with Family Trading Inc (“Family Trading”), a related party owned by the Lax Trust, an irrevocable trust established for the benefit of certain family members of Mr. Evangelos J. Pistiolis, pursuant to which the Company exchanged the outstanding principal, fees and interest of the Further Amended Family Trading Credit Facility with 27,129 Series E Shares (defined below, also see Note 15). For the year ended December 31, 2023, the Company declared dividends of $</span></span>1,001<span style="font-weight: bold;"><span style="font-weight: normal;"> to the holder of the Series E Shares. On December 6, 2023, the Company received a conversion notice for the conversion of all the outstanding Series E Shares (13,452 shares) into 2,930,718 of the Company’s common shares (see Note 15). </span></span></p> <div><br/></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold;"><i>(d)</i> <i>Charter Party with</i> <i>Central Tankers Chartering Inc (</i>“<i>CTC</i>”<i>): </i></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;">On January 6, 2021 the Company acquired a shipowning company from an entity affiliated with Mr. Evangelos J. Pistiolis that owned M/T Eco Oceano CA which was party to a time charter, with CTC an entity affiliated with Mr. Evangelos J. Pistiolis, for a firm duration of </span>five years at a gross daily rate of $32,450, with <span style="-sec-ix-hidden:Fact_3ed4391535de4751b661db3446d392b1">two</span> optional years at $33,950 and $35,450 at CTC’s option. On February 22, 2022, the Company amended the previously agreed time charter with CTC and increased its firm period from 5 years to 15 years and reduced the daily rate from $32,450 to $24,500. On December 31, 2025, the Company further amended the time charter with CTC to increase the daily rate to $30,000 from $24,500 with its firm period being amended to expire on December 31, 2030. As part of the amendment, CTC now has a purchase option exercisable only in February 2027 at an amount of $70,000. Both amendments were approved by a special committee of the Company’s board of directors, of which all of the directors were independent, after obtaining a fairness opinion from an independent financial advisor. The time charter commenced on the date of delivery. For the years ended December 31, 2023, 2024 and 2025 the CTC charter generated $8,943, $8,967 and $8,943 of revenue presented in Time charter revenues in the accompanying consolidated statements of comprehensive income. As of December 31, 2024 and 2025, amounts due from CTC amounted to $- and $112. This amount related to the worth of EUAs that were due from CTC.</p> <div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <p style="font-variant: normal; margin: 0pt; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;"> </p> <div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold;"><i>(e) Personal Guarantees by Mr. Evangelos J. Pistiolis and Related Amendments to the Series D Preferred Shares: </i></span>As a prerequisite for the Navigare Lease (defined below, see Note 6), Mr. Evangelos J. Pistiolis personally guaranteed the performance of the bareboat charters connected to the lease and in exchange, the Company agreed to indemnify him for any losses suffered as a result of the guarantee provided and the Company amended the Certificate of Designations governing the terms of the Series D Preferred Shares (see Note 9), to adjust the voting rights per share of Series D Preferred Shares such that during the term of the Navigare Lease, the combined voting power controlled by Mr. Evangelos J. Pistiolis and the Lax Trust does not fall below a majority of the Company’s total voting power, irrespective of any new common or preferred stock issuances, and thereby complying with a relevant covenant of the bareboat charters entered in connection with the Navigare Lease. This personal guarantee came into effect in case 120 days had passed and the Company was still unable to pay down all amounts due under the Navigare lease, with the exception of amounts due to Navigare due to a total loss, where in this case the personal guarantee would cover an amount equal to all unpaid charter hire and a further amount equivalent to all future charter hire that would have accrued from the date of the total loss up to the end of the charter period and was callable 200 days after the date of the total loss. Due to the related party nature of the transactions involving Mr. Evangelos J. Pistiolis, such transactions were unanimously approved by our Board of Directors, including all three independent directors. Subsequent to the expiration of the Navigare Lease on December 22, 2025, the amendment to the Certificate of Designations adjusting the voting rights per share of the Series D Preferred Shares was automatically terminated, and the voting rights of the Series D Preferred Shares reverted to their pre-amendment terms.</p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"> <span style="font-weight: bold; font-style: italic;"><br/> </span></p> <div><span style="font-weight: bold; font-style: italic;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold; font-style: italic;">(f) Issuance of Series F Shares: </span>On January 17, 2022, the Company entered into a stock purchase agreement with Africanus Inc., an affiliate of Evangelos J. Pistiolis for the sale of up to 7,560,759 newly-issued Series F Non-Convertible Perpetual Preferred Shares (“Series F Shares”, see Note 15). The issuance of the Series F Shares was approved by a committee of the Company’s board of directors, of which all of the directors were independent. In December 2022, 100% of Africanus Inc shares were transferred to 3 Sororibus Trust, which is an irrevocable trust established for the benefit of certain family members of Mr. Pistiolis. For the years ended December 31, 2023, and 2024 the Company declared dividends of  $5,009 and $0 respectively. On February 6, 2024, the Company redeemed the remaining 3,659,627 Series F Shares for $43,916. As of December 31, 2024, there were no dividends due to Africanus Inc.<br/> <br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold; font-style: italic;">(g) Short-term loan to Rubico (“Rubico Bridge Loan”):</span> On <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;">November 7, 2025, the Company extended an unsecured short-term credit facility of $9,000 used by Rubico to facilitate the refinancing of its fleet. The facility bore interest of 6.0% per annum, an arrangement fee of 2.0% and a prepayment fee of 1.0% in case that Rubico prepaid the outstanding balance before its original maturity of 90 days after the drawdown date. Rubico prepaid the outstanding amount of $9,000 on November 12, 2025, together with interest, arrangement fee and prepayment fee. Related party interest income, arrangement fee and prepayment fee for the year ended December 31, 2025, incurred in connection with this credit facility, amounted to $7, $180 and $90 respectively and are included in interest income in the accompanying consolidated statements of comprehensive income. As of December 31, 2025, there were no interest, arrangement fees nor prepayment fees due from Rubico Inc. As of December 31, 2025, the amount due to Rubico was $139 and was presented in Due to related parties, on the consolidated balance sheets.<br/> </span></p> <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> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: 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/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"> <span style="font-weight: bold; font-style: italic;">(h) Executive bonus:</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;">On December 10, 2023 and on October 9<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> 2024, the Company’s compensation committee comprising of independent directors suggested and the board of directors granted to Mr. Evangelos J. Pistiolis a bonus of $5,000 and <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;">$4,000</span> respectively which is included in “General and administrative expenses” in the accompanying consolidated statements of comprehensive income. On January 23, 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> the Company’s compensation committee comprising of independent directors suggested and the board of directors granted to Mr. Evangelos J. Pistiolis an additional bonus of $2,000 for the year 2024, which is also included in “General and administrative expenses” in the accompanying consolidated statements of comprehensive income for the year ended December 31, 2024. An amount of $2,000 was due to Mr. Evangelos J. Pistiolis and such amount was included in Due to related parties in the accompanying consolidated balance sheets as of December 31, 2024. The amount of $<span style="font-weight: bold;">2,000</span> has been fully settled as of December 31, 2025.</span> On October 17, 2025, the compensation committee suggested and the board of directors granted a bonus of $6,000 to Mr. Evangelos J. Pistiolis for the year 2025, which is included in “General and administrative expenses” in the accompanying consolidated statements of comprehensive income for the year ended December 31, 2025. As of December 31, 2025, the amount of $6,000 has been fully settled.</p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold; font-style: italic;">(i) Advances for Asset Acquisition to Related Party: </span>O<span style="font-family: 'Times New Roman';">n November 21, 2025 the Company entered into a non-binding letter of intent (“2025 No-Shop LOI”) with Mr. Evangelos J. Pistiolis for the potential acquisition of certain residential real estate assets in Dubai from a company affiliated with Mr. Evangelos J. Pistiolis, whereby the latter granted the Company an exclusive right and an option to acquire all or a portion of a portfolio of assets with an estimated aggregate market value in excess of $200 million. The purchase price on exercise of the option with respect to any of the properties will be at a 10% discount to their respective fair market values as determined by two independent appraisals. The consideration for the 2025 No-Shop LOI was $23,500 (the “2025 No-Shop-LOI Consideration”) that will be credited against the acquisition price or refunded to the extent the Company does not elect to exercise the purchase option. As of December 31, 2025, $11,500 of the 2025 No Shop LOI Consideration <span style="font-family: 'Times New Roman';">was </span>settled and the remaining $12,000 was settled on January 5, 2026. The purchase option had an expiration period of 90 days after the payment of the 2025 No-Shop-LOI Consideration and was subsequently extended up to May 31, 2026. As of December 31, 2025, the $11,500 from the 2025 No-Shop-LOI Consideration paid is presented under Advances for asset acquisitions to related party in the accompanying consolidated balance sheets. Due to the related party nature of the transactions involving Mr. Evangelos J. Pistiolis, such transactions were unanimously approved by a special committee of our Board of Directors, consisting of all three of our independent Directors, after obtaining a fairness opinion from an independent financial advisor. In connection with the balance presented under Advances for asset acquisitions to related party in the accompanying consolidated balance sheets as of December 31, 2024, please see Note 1.</span></p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold; font-style: italic;"><span style="font-weight: normal; font-style: normal; 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></span></p> <div><br/></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold; font-style: italic;">(j) Personal Guarantee for HSBC loan: <span style="font-weight: normal; font-style: normal; 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 January 15, 2024, the Company entered into a bridge loan with HSBC Private Bank (Suisse) SA (“HSBC”) (Note 7). As a prerequisite for granting the loan to the Company, HSBC requested a personal guarantee from Mr. Evangelos J. Pistiolis, which he provided in exchange for an arrangement fee of 1.00%. Since the loan was drawn-down and shortly after repaid, the Company accelerated the amortization of this arrangement fee that resulted in an expense of $280, included in Interest and finance costs in the accompanying consolidated statements of comprehensive income. </span></span></p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold; font-style: italic;"><span style="font-weight: normal; font-style: normal; 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></span></p> <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'; font-weight: bold; font-style: italic;">(k) Liability from contract with related party: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">On December 4, 2025 the Company entered into a letter of intent (“LOI”) relating to the prospective sale to Rubico of Roman Explorer Inc. (a wholly owned subsidiary that owns 100% of the Newbuilding Yacht), whereby the Company was precluded from marketing or selling the Newbuilding Yacht until March 31, 2026. The consideration for the LOI was $4,000 (“2025 LOI advance”) and it was netted-off against the sale consideration. The consideration was refundable in case Rubico elected not to proceed with the acquisition of Roman Explorer Inc. The Company on December 31, 2025 (the “SPA signing date”) entered into a SPA for the sale of Roman Explorer Inc. to Rubico Inc. for a consideration of $38,000 (“Newbuilding Yacht Consideration”).</span> The transaction represents a nonreciprocal transfer of long-lived assets between entities under common control. As such, the transfer is considered a disposal other than by sale, and, by analogy to ASC 845-10-30-10, the assets to be distributed continue to be classified as held and used until the distribution occurs.</div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><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-family: 'Times New Roman'; font-size: 10pt;">On the SPA signing date, Rubico settled $19,500 of the Newbuilding Yacht Consideration by netting the 2025 LOI advance and by paying $15,500. This amount is presented under “Liability from contract with related parties” in the consolidated balance sheets as of December 31, 2025. The remaining $18,500 will be settled in installments over a period of 300 days following the entry into the SPA. Under certain circumstances the Company can demand the payment of installments in the form of newly-issued Series E Perpetual Convertible Preferred Shares of Rubico, that have terms similar to the Series E Preferred shares issued by the Company (Note 15). On March 31, 2026 (the “Closing date”) the SPA was consummated, and Roman Explorer Inc. was transferred to Rubico. Up to the closing date, the Company had collected $28,500 of the Newbuilding Yacht consideration.</span></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;">The abovementioned transaction was approved by a special committee of the Company’s board of directors (the “Special Committee”), of which all of the directors were independent and for each transaction the Special Committee obtained a fairness opinion relating to the consideration of the transaction from an independent financial advisor.</div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold; font-style: italic;"><span style="font-weight: normal; font-style: normal; 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></span></p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: 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></p> 351000 1037000 351000 1037000 <div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The fees charged by and expenses relating to Central Mare for the years ended December 31, 2023, 2024 and 2025 are as follows:</span><br/> </p><p style="font-variant: normal; margin: 0pt;"><br/> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%;" valign="bottom"> </td> <td colspan="1" style="text-align: center; font-family: 'Times New Roman'; width: 1%;" valign="bottom"> </td> <td colspan="5" style="text-align: center; font-family: 'Times New Roman';" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Year Ended December 31,</b></b></p> </td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1.08%; white-space: nowrap;" valign="bottom"> </td> <td style="font-family: 'Times New Roman'; width: 50%;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: center; font-family: 'Times New Roman'; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b> <span style="text-indent: 0pt;">2023</span><br/> </b></b></p> </td> <td style="text-align: center; font-family: 'Times New Roman'; width: 1.08%; padding-bottom: 2px; vertical-align: bottom;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><br/> </b></b></p> </td> <td style="text-align: center; font-family: 'Times New Roman'; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom;"> <b><b><span style="text-indent: 0pt;">2024</span></b></b></td> <td style="text-align: center; font-family: 'Times New Roman'; width: 1.08%; padding-bottom: 2px; vertical-align: bottom;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><br/> </b></b></p> </td> <td style="text-align: center; font-family: 'Times New Roman'; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom;"> <b><b><span style="text-indent: 0pt;">2025</span></b></b></td> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1.08%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td style="text-align: left; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b>Presented in:</b></p> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Executive officers and other personnel expenses</p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;"><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">General and administrative expenses – Consolidated statements of comprehensive income</em></p> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Total</b></p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; font-weight: bold;" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; font-weight: bold;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; font-weight: bold;" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; font-weight: bold;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; font-weight: bold;" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1.08%; white-space: nowrap;" valign="bottom"> </td> <td style="font-family: 'Times New Roman'; width: 50%;" valign="bottom"><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> </em></td> </tr> </table> 360000 360000 360000 360000 360000 360000 P18M P12M 670 P3M 609 0.0125 0.01 0.002 0.07 P5Y P18M 0.02 0.02 0.05 0.05 0.25 0.25 0.25 0.25 480000 437000 <p style="font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">The fees charged by and expenses relating to CSI for the years ended December 31, 2023, 2024 and 2025 are as follows:</p><p style="font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr> <td style="font-family: 'Times New Roman'; width: 25%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="5" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> <div><b>Year Ended December 31,</b></div> </td> <td colspan="1" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; width: 1.08%; white-space: nowrap;" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; padding-bottom: 2px; width: 25%;" valign="bottom"> </td> <td colspan="1" style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" valign="bottom"> </td> <td style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b> <span style="text-indent: 0pt;">2023</span><br/> </b></b></p> </td> <td colspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; width: 1.08%; padding-bottom: 2px;" valign="bottom"> </td> <td style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><span style="text-indent: 0pt;">2024</span><br/> </b></b></p> </td> <td colspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; width: 1.08%; padding-bottom: 2px;" valign="bottom"> </td> <td style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><span style="text-indent: 0pt;">2025</span><br/> </b></b></p> </td> <td colspan="1" style="text-align: center; font-family: 'Times New Roman'; width: 1.08%; padding-bottom: 2px;" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; border-bottom: 2px solid rgb(0, 0, 0); width: 50%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b>Presented in:</b></p> </td> </tr> <tr style="vertical-align: bottom;"> <td colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 25%; background-color: rgb(204, 238, 255);"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Management fees </p> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 18pt; text-indent: -9pt; text-align: right;"> <span style="text-indent: 0pt;">1,840</span> </div> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;"><span style="text-indent: 0pt;">1,906</span> </div> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">1,912</span> <br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; background-color: rgb(204, 238, 255);" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Management fees – related parties – Consolidated statements of comprehensive income</p> </td> </tr> <tr style="vertical-align: bottom;"> <td colspan="1" rowspan="3" style="font-family: 'Times New Roman'; width: 25%; text-align: left; vertical-align: middle;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Superintendent fees</p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">42</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">46</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">11</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%;" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Vessel operating expenses – Consolidated statements of comprehensive income</p> </td> </tr> <tr style="vertical-align: bottom;"> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">-</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">-</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">3</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%;" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Capitalized in Vessels, net – Balance sheet</p> </td> </tr> <tr style="vertical-align: bottom;"> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">74</span></td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%;" valign="bottom"> </td> <td rowspan="1" style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 12pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';">Dry-docking costs -</span> <span style="font-size: 10pt; font-family: 'Times New Roman';">Consolidated statements of comprehensive income</span></div> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%; background-color: rgb(204, 238, 255);" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Accounting and reporting cost</p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">360</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Management fees – related parties – Consolidated statements of comprehensive income <br/> </p> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%; white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Commission for sale and purchase of vessels</p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">-</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">-</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">778</span></td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%;" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Management fees – related parties – Consolidated statement of comprehensive income</p> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%; background-color: rgb(204, 238, 255);" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Newbuilding vessels monitoring fee</p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">-</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">-</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">417</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td style="text-align: left; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; background-color: rgb(204, 238, 255);" valign="bottom">Capitalized in Advances for vessels under construction – Balance sheet </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Financing fees</p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">164</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">586</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">414</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%;" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Net in Current and Non-current portions of long-term debt – Balance sheet</p> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%; background-color: rgb(204, 238, 255);" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Commission on charter hire revenue</p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">1,037</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">1,040</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">1,015</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; background-color: rgb(204, 238, 255);" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Voyage expenses - Consolidated statements of comprehensive income</p> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman'; width: 25%;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Total</b></p> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">3,443</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">4,012</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1.08%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"><span style="text-indent: 0pt;">4,910</span><br/> </td> <td colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 1.08%;" valign="bottom"> </td> <td style="font-family: 'Times New Roman'; width: 50%;" valign="bottom"><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> </em></td> </tr> </table> 1840000 1906000 1912000 42000 46000 11000 0 0 3000 0 74000 0 360000 360000 360000 0 0 778000 0 0 417000 164000 586000 414000 1037000 1040000 1015000 3443000 4012000 4910000 27129 1001000 13452 2930718 P5Y 32450000 33950000 35450000 P5Y P15Y 32450000 24500000 30000000 24500000 70000000 8943000 8967000 8943000 0 112000 P120D P200D 3 7560759 1 5009000 0 3659627 43916000 0 9000000 0.06 0.02 0.01 P90D 9000000 7000 180000 90000 0 0 0 139000 5000000 4000000 2000000 2000000 -2000000 6000000 -6000000 200000000 0.10 2 23500000 11500000 12000000 P90D 11500000 3 0.01 280000 1 4000000 38000000 19500000 15500000 18500000 P300D 28500000 <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: 27pt;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">6.</em></b></p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b>Leases</b></p> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> </div> <p style="font-variant: normal; margin: 0pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-size: 10pt; font-style: normal; text-transform: none;"><b>A. Lease arrangements, under which the Company acts as the lessee</b></p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <p style="font-variant: normal; margin: 0pt; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;"> </p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-size: 10pt; font-style: normal; text-transform: none;"><b>Bareboat Chartered-in Vessels:</b></p><p style="font-variant: normal; margin: 0pt;"> </p> <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 December 1 and December 10, 2020, the Company sold and leased back M/T Eco Beverly Hills and M/T Eco Bel Air respectively to a third non-affiliated party (the “Navigare Lease”). Each vessel was chartered back on a bareboat basis for five years at a bareboat hire of $16,750 per day for the first two years, $14,000 per day for the next two years and $10,000 per day for the fifth year. The Company did not have any option or obligation to buy back the vessels. The abovementioned sale and leaseback transactions contain customary covenants and event of default clauses, including cross-default provisions, change of control provisions (whereby Mr. Evangelos J. Pistiolis could not control less than 50.1% of the voting rights of the Company) and restrictive covenants and performance requirements. The Company had to maintain a minimum liquidity of $4,000 at all times which was certified bi-annually. </span> <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> </div> <p style="font-variant: normal; margin: 0pt; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;"> </p> <div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;">The Company treated the Navigare lease as an operating lease. An operating lease ROU asset amounting to $45,765 was recognized at the inception of the lease together with a lease liability of $43,759 based on the present value of lease payments over the lease term. The operating lease ROU asset also included initial direct costs of $1,666 and deferred losses from the sale of the vessels of $340. The discount rate used to calculate the present value of lease payments was calculated by taking into account the original lease term and lease payments and was estimated to be 6.72% (same as the weighted average rate), which was the Company’s estimated incremental borrowing rate, that reflected the interest the Company would have to pay to borrow funds on a collateralized basis over a similar term and similar economic environment. Losses from the sale of these two vessels and initial direct costs which were included in the respective ROU assets were amortized on a straight-line basis over the duration of the lease and were included in operating lease expense in the statement of consolidated income. The cash paid for operating leases with original terms greater than 12 months was $10,039 and $6,950 for the years ended December 31, 2024 and 2025 respectively. The revenue generated from vessels under operating leases with original terms greater than 12 months was $16,831 and $16,782 for the years ended December 31, 2024 and 2025 respectively.</p> <div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <p style="font-variant: normal; margin: 0pt; text-indent: 18pt; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;"> </p> <div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;">The<span 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; 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;"> abovementioned sale and leaseback transactions for M/T Eco Beverly Hills and M/T Eco Bel Air expired on December 22 and December 15, 2025<span 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; 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;">,</span> respectively.</span><br/> </p> <div><br/></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-size: 10pt;"><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-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;">Finally, the maintenance deposit asset of $2,000 had also been classified as current as of December 31, 2024 (for each of the M/Ts Eco Bel Air and Eco Beverly Hills the buyer withheld $1,000 as a maintenance deposit, accounted for as a deposit asset, to be released at the end of the lease term). As of December 31, 2025, the total maintenance deposit of $2,000 has been returned to the Company.</span></span> </p> P5Y P5Y 16750 16750 14000 14000 10000 10000 0.501 4000000 45765000 43759000 1666000 -340000 0.0672 2 10039000 6950000 16831000 16782000 2000000 1000000 1000000 2000000 <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-style: normal; text-transform: none; font-size: 10pt;"><b>B. Lease arrangements, under which the Company acts as the lessor</b></p> <div><span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"> </span></div> <p style="font-variant: normal; margin: 0pt; font-family: 'Times New Roman'; font-style: normal; text-transform: none; font-size: 10pt;"> </p> <div><span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-style: normal; text-transform: none; font-size: 10pt;"><b>Charter agreements:</b></p> <div><span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"> </span></div> <p style="font-variant: normal; margin: 0pt; font-family: 'Times New Roman'; font-style: normal; text-transform: none; font-size: 10pt;"> </p> <div><span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-style: normal; text-transform: none; font-size: 10pt;">During the year ended December 31, 2025, the Company operated one vessel (M/T Marina Del Rey) under a time charter with Weco Tankers A/S, <span style="-sec-ix-hidden:Fact_f95da3f053e44d3d85e4ef70c9d11175">another</span> vessel (M/T Eco Oceano CA) with CTC, two vessels (M/T Eco West Coast and M/T Eco Malibu) with Clearlake Shipping Pte Ltd and four vessels (M/T Eco Bel Air, M/T Eco Beverly Hills, M/T Julius Caesar and M/T Legio X Equestris) under time charters with Trafigura.</p> <div><span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"> </span></div> <p style="font-variant: normal; margin: 0pt; font-family: 'Times New Roman'; font-style: normal; text-transform: none; font-size: 10pt;"> </p> <div><span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"> </span> <span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-style: normal; text-transform: none; font-size: 10pt;">Future minimum time-charter receipts of the Company’s vessels in operation as of December 31, 2025, based on commitments relating to non-cancellable time charter contracts as of December 31, 2025, are as follows:<br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-style: normal; text-transform: none; font-size: 10pt;"> <br/> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td style="white-space: nowrap;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Year ending December 31,</b></p> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="text-align: center; white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Time Charter </b></b><b><b>receipts</b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><span style="text-indent: 0pt;">2026</span></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">48,729</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><span style="text-indent: 0pt;">2027</span></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">43,803</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><span style="text-indent: 0pt;">2028</span></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">17,660</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 88%;" valign="bottom"><span style="text-indent: 0pt;">2029</span><br/> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">17,246</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-indent: 0pt;">2030</span> and thereafter</div> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">12,611</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Total</b></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><b><span style="text-indent: 0pt;">140,049</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 1 2 4 <div><span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"> </span> <span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-style: normal; text-transform: none; font-size: 10pt;">Future minimum time-charter receipts of the Company’s vessels in operation as of December 31, 2025, based on commitments relating to non-cancellable time charter contracts as of December 31, 2025, are as follows:<br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-style: normal; text-transform: none; font-size: 10pt;"> <br/> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td style="white-space: nowrap;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Year ending December 31,</b></p> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="text-align: center; white-space: nowrap;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Time Charter </b></b><b><b>receipts</b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><span style="text-indent: 0pt;">2026</span></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">48,729</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><span style="text-indent: 0pt;">2027</span></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">43,803</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><span style="text-indent: 0pt;">2028</span></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">17,660</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 88%;" valign="bottom"><span style="text-indent: 0pt;">2029</span><br/> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">17,246</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-indent: 0pt;">2030</span> and thereafter</div> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">12,611</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Total</b></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><b><span style="text-indent: 0pt;">140,049</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 48729000 43803000 17660000 17246000 12611000 140049000 <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: 27pt;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"><b>7.</b></p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"><b>Debt:</b></p> </td> </tr> </table> </div> <p style="font-variant: normal; margin: 0pt;"> <br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The amounts in the consolidated balance sheets are analyzed as follows (facility names defined below):</p><p style="font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Financier / Vessel(s)</p> </td> <td colspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="6" style="text-align: center;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); text-transform: none;">December 31,</p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -9pt; margin-left: 9pt; font-style: italic;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/>  </span></td> <td colspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: center;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); text-transform: none;"><span style="text-indent: 0pt;">2024</span><br/> </p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: center;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); text-transform: none;"><span style="text-indent: 0pt;">2025</span><br/> </p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Total long-term debt:</p> </td> <td colspan="1" style="text-align: justify; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: justify; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: justify; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="font-style: italic; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">1^st CMBFL Facility (<span style="text-indent: 0pt;">M/T Julius Caesar and M/T Legio X Equestris</span>)<br/> </span></div> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">120,764</span><br/> </span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">-</span><br/> </span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="font-style: italic; width: 76%;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">1^st AVIC Facility (<span style="text-indent: 0pt;">M/T Eco Oceano CA</span>)<br/> </span></div> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">40,066</span><br/> </span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">-</span><br/> </span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="font-style: italic; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">2^nd<span style="display: inline; float: none; letter-spacing: normal; white-space: normal; word-spacing: 0px; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify;">AVIC Facility (<span style="text-indent: 0pt;">M/T Eco West Coast</span>)</span></span></div> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">38,617</span><br/> </span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">-</span><br/> </span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="font-style: italic; width: 76%;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none; font-style: normal;">Huarong Facility (<span style="text-indent: 0pt;">M/T Eco Malibu</span>)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </span></div> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">38,800</span><br/> </span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">-</span><br/> </span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="font-style: italic; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">2^nd</span> CMBFL Facility (</span><span style="font-style: normal;"><span style="text-indent: 0pt;">M/T Eco Marina Del Rey</span>)</span></div> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">27,000</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 76%;" valign="bottom">HSBC Facility (<span style="text-indent: 0pt;">M/Y Parabellvm</span>)<br/> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">13,040</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 76%; background-color: #CCEEFF;" valign="bottom">New Huarong Facility (<span style="text-indent: 0pt;">M/T Eco Marina Del Rey, M/T Eco Oceano CA, M/T Julius Caesar and M/T Legio X Equestris</span>)<br/> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; font-weight: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">205,460</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 76%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Total long-term debt</p> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">265,247</span><br/> </span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">218,500</span><br/> </span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 76%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Less: Deferred finance fees</p> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">(<span style="text-indent: 0pt;">5,989</span></span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">)</span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">(<span style="text-indent: 0pt;">1,888</span></span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">)</span></td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 76%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;"><span style="font-weight: bold;">Total long-term debt net of deferred finance fees and debt discounts</span><br/> </p> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">259,258</span><br/> </span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">216,612</span><br/> </span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -9pt; margin-left: 9pt; font-style: italic; width: 76%; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 76%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Presented:</p> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 76%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Current portion of long-term debt</p> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">14,202</span><br/> </span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">11,824</span><br/> </span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 76%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Long-term debt </p> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">245,056</span><br/> </span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">204,788</span><br/> </span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <p style="font-variant: normal; margin: 0pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-size: 10pt;"><b><i><span style="text-decoration: underline; "><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"></em></span></i></b><b><i></i></b></p> <div style="font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"> <span style="font-weight: bold; font-style: italic;">HSBC Facility</span><br/> </div> <div style="font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On February 7, 2023, the shipowning company that owns the M/Y Parabellvm entered into a credit facility with HSBC Private Bank (Suisse) Sa (“HSBC”) for Euro 14,340 for the financing of the M/Y Parabellvm. This facility was drawn down in full. The credit facility is repayable in 28 consecutive quarterly installments of Euro 358.5 commencing in November 2023, plus a balloon installment of Euro 4,302 payable together with the last installment.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The facility contains various covenants, including (i) an asset cover ratio of 167% up to August 2025, 182% from August 2025 to August 2027 and 200% from August 2027 onwards, (ii) Debt Servicing Coverage Ratio shall be not less than 1.20:1, where “Debt Service” is defined as the aggregate of interest and repayment relating to the HSBC Facility and “Debt Servicing Coverage Ratio” means the ratio of EBITDA of the Company to Debt Service. (iii) minimum free liquidity of three months interest service. Additionally, the facility contains restrictions on the shipowning company from incurring further indebtedness or guarantees and it also restricts the shipowning company and the Company from paying dividends if an event of default has occurred and is continuing or if such a payment will result in an event of default. Additionally, the facility contains a cross-default covenant which is triggered when an event of default has occurred in any other loan from HSBC that Mr. Evangelos J. Pistiolis (or any of his Affiliates) has obtained.</div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Finally, there is a covenant where Mr. Evangelos J. Pistiolis (or any of his Affiliates) must keep with HSBC Liquid Financial Assets, net of any debt, in an amount equal to US$12,000 (or its equivalent in any other currency) and should maintain such amount throughout the duration of the loan. For the avoidance of any doubt, “Liquid Financial Assets” shall be construed to include cash, cash alternative solutions (including fixed rate notes and credit-linked notes), equities, bonds, structured products and mutual funds.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">The facility is secured as follows:</div> <div><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; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;"> <div>First priority mortgage over M/Y Para Bellvm;</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; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;"> <div>Assignment of insurance and earnings of the mortgaged vessel;</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; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;"> <div>Specific assignment of any time charters with duration of more than 30 days;<br/> </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;">Corporate guarantee of the Company;</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;">Pledge of the shares of the shipowning subsidiary;</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;">Pledge over the earnings account of the vessel.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="text-decoration: underline;"><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',Times,serif; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The facility bears interest at three-month <span style="-sec-ix-hidden:Fact_bfd16540f1424b5fa62df216be01c265">EURIBOR</span> plus a margin of 2.30%.<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',Times,serif; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </span></div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <b><span style="text-decoration: underline; ">FINANCINGS COMMITTED UNDER SALE AND LEASEBACK AGREEMENTS</span></b> </span></div> <p style="font-variant: normal; margin: 0pt;"><br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The majority of the below sale and leaseback agreements (“SLB”s) contain, customary covenants and event of default clauses, including cross-default provisions and restrictive covenants.</p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> <br/> </p> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The New Huarong Facility (defined below) contains performance requirements including (i) a ratio of total net debt to the aggregate market value of the Company’s fleet, current or future, of no more than 85% and (ii) minimum free liquidity of $550 per VLCC vessel, $400 per Suezmax vessel and $350 per MR Product vessel, at the guarantors level.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Concurrently with the entry into the New Huarong Facility, the Company extended its corporate guarantee to also cover the obligations deriving from the SLBs with the same financier (Huarong) for its former vessels M/T Eco West Coast and M/T Eco Malibu that were spun-off to Rubico (Note 8). The facilities include cross default provisions where the Company’s New Huarong Facility will be deemed in default should Rubico default under its respective Huarong SLB provisions.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The SLBs included below (excluding the New Huarong SLB) contained performance requirements including (i) a ratio of total net debt to the aggregate market value of the Company’s fleet, current or future, of no more than 75% and (ii) minimum free liquidity of $500 per vessel at the guarantors level.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Additionally, all the SLBs contain restrictions on the relative shipowning company from incurring further indebtedness or guarantees and paying dividends when in default or if such dividend payment would result in an event of default or termination event under the SLB agreements. The same dividend restrictions apply to the Company as well. All the SLBs have change of control provisions whereby there may not be a change of control of the Company, save with the prior written consent of the financier.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Finally, China Merchants Bank Financial Leasing Co., Ltd. (“CMBFL”) SLBs had an asset cover ratio covenant of 125%, whereas the Huarong and AVIC SLBs had an asset cover ratio covenant of 120% and the New Huarong Facility has an asset cover ratio covenant of 117.6%.</div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br/> </div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">All the below SLBs are secured mainly by the following:</p><p style="font-variant: normal; margin: 0pt;"> </p> <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="width: 18pt;"> <div style="font-weight: normal; font-style: normal;"><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">•</p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">Ownership of the vessel financed;</p> </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="width: 18pt;"> <div style="font-weight: normal; font-style: normal;"><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">•</p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">Cross-default covenants, in the case where one bank finances more than one vessel;</p> </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="width: 18pt;"> <div style="font-weight: normal; font-style: normal;"><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">•</p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">Assignment of insurances and earnings of the vessel financed;</p> </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="width: 18pt;"> <div style="font-weight: normal; font-style: normal;"><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">•</p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">Specific assignment of any time charters of the vessel financed with duration of more than 12 months;</p> </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="width: 18pt;"> <div style="font-weight: normal; font-style: normal;"><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">•</p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">Corporate guarantee of Top Ships Inc.;</p> </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="width: 18pt;"> <div style="font-weight: normal; font-style: normal;"><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">•</p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">Pledge of the shares of the relative shipowning subsidiary;</p> </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="width: 18pt;"> <div style="font-weight: normal; font-style: normal;"><br/> </div> </td> <td style="vertical-align: top; width: 18pt;"> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">•</p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">Pledge over the earnings account of the vessel financed.</p> </td> </tr> </table> </div> <p style="font-variant: normal; margin: 0pt;"> <br/> </p><p style="font-variant: normal; margin: 0pt;"> </p> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">Cargill Facility</span></div> <div> </div> <p style="font-variant: normal; margin: 0pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">On June 29, 2018 the Company entered into an SLB and a five-year time charter with Cargill, a non-affiliated party, for its newbuilding vessel M/T Eco Marina Del Rey delivered in March 2019. Consummation of the SLB took place on the vessel’s delivery date. Following the sale, the Company bareboat chartered back the vessel at a bareboat hire rate of $8,600 per day and simultaneously the vessel commenced its five-year time charter with Cargill. As part of this transaction, the Company had the obligation to buy back the vessel at the end of the five-year period for $22,680. The gross proceeds from the sale were $32,387.</p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The facility also contained a fair value appreciation sharing provision, whereby the Company had to share with Cargill 25% of the excess of the fair market value of the vessel over a predetermined amount amortized on a daily basis to the facility’s maturity or to when the vessel was sold. As a result of Cargill’s entitlement to participate in the appreciation of the market value of the vessel and the significant increase in tankers’ fair values as of December 31, 2022 compared to December 31, 2021, the Company recognized a participation liability of $3,271 as of December 31, 2022, presented in “Vessel fair value participation liability” in the consolidated balance sheets, with a corresponding debit to a debt discount account, presented contra to the loan balance, broken down to current and non-current long-term debt according<span style="font-weight: normal;">l<span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">y. <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Due to the fact that tanker values continued to increase throughout 2023, the Company increased that participation liability by $1,729 to $5,000 during the year ended December 31, 2023 and since the facility matured in 2024, such participation liability was presented under current liabilities. During the years ended December 31, 2023 and 2024<span 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; 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;">,</span> the Company amortized $3,537 and $1,419 of that Debt discount, such amortization presented in Interest and finance costs in the consolidated statements of comprehensive income. The Company purchased the vessel on May 1, 2024, for $22,671 and also settled the Fair value participation (that as of the date of the purchase was $4,956) with funds from the 2^nd CMBFL Facility (see below).</span></span></span></p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"> </p> <div><br/></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-size: 10pt;">The SLB with Cargill was accounted for as a financing transaction, as control remained with the Company and as such the M/T Eco Marina Del Rey was recorded as an asset on the Company’s balance sheet. In addition, the Company had an obligation to repurchase the vessel.</p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-size: 10pt;"> <br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-size: 10pt;"><b><i><span style="text-decoration: underline; ">1^st CMBFL Facility</span></i></b></p> <div style="text-align: justify;"> <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 January 16 and January 23, 2024, the Company exercised its purchase options under a previously entered facility with CMBFL and took full ownership of M/Ts Julius Caesar and Legio X Equestris for $48,604 and $49,272 respectively. Following the vessels purchase that was facilitated via Company’s cash and a short-term revolving bridge loan from HSBC Private Bank (Suisse) SA (“HSBC” and the “HSBC Bridge Loan”), the Company on January 18 and January 25, 2024 concluded new SLBs for the financing of M/Ts Julius Caesar and Legio X Equestris respectively (the “1st CMBFL Facility”) from the same institution (CMBFL). The duration of the 1st CMBFL Facility was for eight years and the Company had continuous options, after the first year, to buy back the vessels at purchase prices stipulated in the 1st CMBFL Facility depending on when the option would be exercised and at the end of the eight-year period the Company had an option to buy back the vessels for a consideration of $37,500 per vessel. The 1st CMBFL Facility had a fixed bareboat hire rate of $7,300 per annum per vessel that included both interest and repayment. </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> <br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The consideration from the 1^st CMBFL Facility amounted to $125,000 ($62,500 per vessel) and the SLBs had similar customary covenants and event of default clauses as the SLBs that preceded them with CMBFL. Under the HSBC Bridge Loan the Company drew down $20,000 on January 16, 2024 for the purchase of M/T Julius Caesar that were repaid on January 18, 2024 and another $8,000 on January 23, 2024 for the purchase of M/T Legio X Equestris that were repaid on January 25, 2024. The HSBC Bridge Loan was for a maximum amount of $24,000 at any time, carried an interest of 3% plus <span style="-sec-ix-hidden:Fact_c35781e965d744ab986c2e35947fe532">term SOFR</span> and was guaranteed by Mr. Evangelos J. Pistiolis, for which guarantee Mr. Evangelos J. Pistiolis charged the Company a 1% fee on the amounts drawn down. The Company purchased M/Ts Julius Caesar and M/T Legio X Equestris on October 17, 2025 and October 24, 2025, respectively, for $58,155 each, with funds from the New Huarong Facility (see below) and the Company accelerated the amortization of deferred finance fees of $2,667 and also incurred purchase fees of $1,032 for each vessel.</p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> </p><p style="font-variant: normal; margin: 0pt;"><br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The 1^st CMBFL Facility was accounted for as a financing transaction, as control remained with the Company and the two vessels were recorded as assets on the Company’s balance sheet. In addition, the Company had continuous options to repurchase the vessels, at prices expected to be below fair value. Finally, the Company treated the 1st CMBFL Facility as a debt modification (refinancing) of the previously entered facility with CMBFL.</p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"></p> <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> </div> <div style="text-align: justify; font-style: italic; font-weight: bold; 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="text-decoration: underline;"><b><i><span style="text-decoration: underline; ">1^st</span></i></b> AVIC Facility</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;"> <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="text-align: justify; font-weight: normal; background-color: rgb(255, 255, 255); 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, 2022, the Company entered into an SLB with AVIC, for $48,200 for the financing of the M/T Eco Oceano CA. Consummation of the SLB took place on March 4, 2022. The Company bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 40 consecutive quarterly installments of $678 and a balloon payment of $21,087 payable together with the last installment, plus interest based on LIBOR (which was switched to <span style="-sec-ix-hidden:Fact_58c4d9a0a89547198fdb23471b87ffef">SOFR</span> on December 8, 2023) plus 3.50%, that was later reduced to 3.00% upon entering into the 2^nd AVIC Facility (see below).</div> <div style="text-align: justify; font-weight: normal; background-color: rgb(255, 255, 255); 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; font-weight: normal; font-style: normal; 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;">As part of this transaction, the Co<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;">mp</span>any had continuous options to buy back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option would be exercised and at the end of the ten-year period the Company had an obligation to buy back the vessel at a cost represented by the balloon payment.</div> <div><span style="font-weight: normal; font-style: normal; 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><span style="font-weight: normal; font-style: normal; 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="font-weight: normal; font-style: normal; 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; font-weight: normal; font-style: normal; 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;">The 1^st AVIC Facility was accounted for as a financing transaction, as control remained with the Company and M/T Eco Oceano CA. continued to be recorded as an asset on the Company’s balance sheet. In addition, the Company had an obligation to repurchase the vessel. The Company purchased M/T Eco Oceano CA on November 6, 2025, for $38,033, with funds from the New Huarong Facility (see below), the Company accelerated the amortization of $650 of deferred finance fees and also incurred purchase fees of $190.</div> <div style="text-align: justify; font-weight: normal; font-style: normal; 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/> </div> <div><span style="font-weight: normal; font-style: normal; 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><span style="text-decoration: underline;"><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;">2^ndAVIC Facility</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;"> </span></div> <div><span style="text-decoration: underline;"> </span><br/></div> <div style="display:none;"><br/></div> <div style="background-color: #FFFFFF; letter-spacing: normal; white-space: normal; word-spacing: 0px; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify; text-indent: 0px; 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;">On December 14, 2023<span 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; 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;">,</span> the Company consummated an SLB with AVIC (the </span>“2<span style="font-style: normal;">^nd</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;">AVIC Facility”), for $41,000, for the refinancing of the M/T Eco West Coast. The Company bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly installments of $183.3 and a balloon payment of $19,000 payable on the last installment, plus interest based on <span style="-sec-ix-hidden:Fact_c5f55f2a18b64cb0a945761dd5fea493">Term SOFR</span> plus 2.65%.</span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; 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; text-align: justify; font-family: 'Times New Roman';"><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-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; font-family: 'Times New Roman';">As part of this transaction, the Company had continuous options to buy back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option would be exercised and at the end of the ten-year period the Company had an obligation to buy back the vessel at a cost represented by the balloon payment.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; 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; text-align: justify; font-family: 'Times New Roman';"><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 </span>2<span style="font-style: normal;">^nd</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;"> AVIC Facility was accounted for as a financing transaction, as control remained with the Company and M/T Eco West Coast continued to be recorded as an asset on the Company’s balance sheet. In addition, the Company had an obligation to repurchase the vessel.</span> The outstanding balance of the 2^nd AVIC Facility on the spin off distribution date, amounting to $37,333, was transferred to Rubico following completion of the Spin-Off.</div> <div><br/></div> <div><span style="text-decoration: underline;"><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;">Huarong Facility</span></span></div> <div><span style="text-decoration: underline;"> </span><br/></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';">On December 20, 2023<span 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; 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;">,</span> the Company consummated an SLB with China Huarong Shipping Financial Leasing Co Ltd. (“Huarong” and the “Huarong Facility”), for $41,000 for the refinancing of the M/T Eco Malibu. The Company bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly installments of $183.3 and a balloon payment of $19,000 payable on the last installment, plus interest based on <span style="-sec-ix-hidden:Fact_082bbe5b9fb041a2a32a9f36154a583f">Term SOFR</span> plus 2.50%.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';">As part of this transaction, the Company had continuous options to buy back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option would be exercised and at the end of the ten-year period the Company had an obligation to buy back the vessel at a cost represented by the balloon payment.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';">The Huarong Facility was accounted for as a financing transaction, as control remained with the Company and M/T Eco Malibu continued to be recorded as an asset on the Company’s balance sheet. In addition, the Company had an obligation to repurchase the vessel. The outstanding balance of the Huarong Facility on the spin off distribution date, amounting to $37,517, was transferred to Rubico following completion of the Spin-Off.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';"><span style="text-decoration: underline;"><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;">2^ndCMBFL Facility</span></span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';">On May 1, 2024<span 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; 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;">,</span> the Company consummated an SLB with CMBFL (the “2nd CMBFL Facility”) for $28,000 for the refinancing of its vessel M/T Eco Marina Del Rey. The Company bareboat chartered back the vessel for a period of seven years at bareboat hire rates comprising of 28 consecutive quarterly installments of $500 and a balloon payment of $14,000 payable together with the last installment, plus interest based on the three months <span style="-sec-ix-hidden:Fact_cb9e4bbbec074e03b7c24107b226c0fb">Term SOFR</span> plus 2.60%. </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';"> As part of this transaction, the Company had continuous options to buy back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option would be exercised and at the end of the seven-year period it had an option to buy back the vessel at a cost represented by the balloon payment.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';"> <br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';">The 2^nd CMBFL Facility was accounted for as a financing transaction, as control remained with the Company and the vessel continued to be recorded as an asset on the Company’s balance sheet. In addition, the Company had continuous options to repurchase the vessel at prices expected to be below fair value. The Company purchased M/T Eco Marina Del Rey on October 31, 2025, for $25,500, with funds from the New Huarong Facility (see below) and the Company accelerated the amortization of deferred finance fees of $494 and also incurred purchase fees of $459.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';"> <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; 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;"><span style="text-decoration: underline;">New Huarong Facility</span></div> <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; orphans: 2; text-align: left; 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;"><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;">On August 1, 2025, the Company entered into an SLB for its owned fleet (which comprised of M/T Eco Marina Del Rey, M/T Eco Oceano CA, M/T Julius Caesar and M/T Legio X Equestris  as of that date, since the M/T Eco Malibu and the M/T Eco West Coast had been distributed to Rubico) in the amount of $207,000 ($28,000 for M/T Eco Marina Del Rey, $42,000 for M/T Eco Oceano CA and $68,500 for each of M/T Julius Caesar and M/T Legio X Equestris), for the purpose of refinancing the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> CMBFL Facility, the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> CMBFL Facility, the Huarong Facility and the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> AVIC Facility (see above). The New Huarong facility was consummated on October 31, 2025 for M/T Eco Marina Del Rey, November 6, 2025 for M/T Eco Oceano CA, October 17, 2025 for M/T Julius Caesar and October 24, 2025 for M/T Legio X Equestris. Pursuant to the SLB terms, the Company bareboat chartered back the vessels for a period of ten years (except for M/T Marina Del Rey which is for seven years) at bareboat hire rates comprising of 84 consecutive monthly installments of $178.6 for M/T Marina Del Rey, 120 consecutive monthly installments of $183.3 for M/T Eco Oceano and $250 for each of M/T Julius Caesar and M/T Legio X Equestris  along with a purchase obligation of, $13,000 for M/T Marina Del Rey, $20,000 for M/T Eco Oceano and $38,500 for each of M/T Julius Caesar and M/T Legio X Equestris at the expiry of their respective bareboat charters. The New Huarong facility bears an interest rate of 3-month <span style="-sec-ix-hidden:Fact_3279e1b9247d4b69a9cfbe85d34eaf77">term SOFR</span> plus a margin of 1.95% per annum. Under the New Huarong Facility terms, the Company will have the option to buy back the vessels following the end of the first year at purchase prices stipulated in their respective bareboat charter agreement depending on when the option is exercised.</div> <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; orphans: 2; text-align: left; 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;"><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;">The New Huarong Facility was accounted for as a financing transaction, as control remains with the Company and M/T Eco Marina Del Rey, M/T Eco Oceano CA, M/T Julius Caesar and M/T Legio X Equestris will continue to be recorded assets on the Company’s balance sheet. In addition, the Company has an obligation to repurchase the vessels at the end of their respective SLB term.</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;"> <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;"><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-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;">The applicable SOFR as of December 31, 2025, was approximately 3.74%.</span> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';"> <br/> </div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><b><i><span style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';">Scheduled Principal Repayments:</span> </i></b><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company’s annual principal payments required to be made after December 31, 2025, on its debt obligations, are as follows:</span></p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><br/> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="margin-right: 30%; font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">Years</p> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; 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;" valign="bottom"> </td> <td colspan="2" style="text-align: justify; 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;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; 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; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">December 31, <span style="text-indent: 0pt;">2026</span></p> </td> <td colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><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 style="text-indent: 0pt;">12,026</span><br/> </span> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">December 31, <span style="text-indent: 0pt;">2027</span></p> </td> <td colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><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 style="text-indent: 0pt;">12,026</span><br/> </span> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; 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; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">December 31, <span style="text-indent: 0pt;">2028</span></p> </td> <td colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><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 style="text-indent: 0pt;">12,026</span><br/> </span> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">December 31, <span style="text-indent: 0pt;">2029</span></p> </td> <td colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><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 style="text-indent: 0pt;">12,026</span><br/> </span> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; 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; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">December 31, <span style="text-indent: 0pt;">2030</span> and thereafter</p> </td> <td colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><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 style="text-indent: 0pt;">170,396</span><br/> </span> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">Total</p> </td> <td colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; font-weight: bold;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">218,500</span><br/> </span> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <p style="font-variant: normal; margin: 0pt; text-indent: 9pt;"><br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">As of December 31, 2024 and 2025, the Company was in compliance with all covenants with respect to its credit facilities. The fair value of debt outstanding on December 31, 2025, after excluding unamortized financing fees, <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-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;">approximates its carrying amount due the fact that it has variable interest rates (SOFR and Euribor)</span>.</p><p style="font-variant: normal; margin: 0pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><b><i><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;">Financing Costs</span>: </i></b><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 net additions in deferred financing costs amounted to $3,024 and $1,807 during the years ended, December 31, 2024 and 2025 respectively. </span></p> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The amounts in the consolidated balance sheets are analyzed as follows (facility names defined below):</p><p style="font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Financier / Vessel(s)</p> </td> <td colspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="6" style="text-align: center;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); text-transform: none;">December 31,</p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -9pt; margin-left: 9pt; font-style: italic;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/>  </span></td> <td colspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: center;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); text-transform: none;"><span style="text-indent: 0pt;">2024</span><br/> </p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: center;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); text-transform: none;"><span style="text-indent: 0pt;">2025</span><br/> </p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Total long-term debt:</p> </td> <td colspan="1" style="text-align: justify; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: justify; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: justify; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="text-align: justify; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="font-style: italic; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">1^st CMBFL Facility (<span style="text-indent: 0pt;">M/T Julius Caesar and M/T Legio X Equestris</span>)<br/> </span></div> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">120,764</span><br/> </span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">-</span><br/> </span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="font-style: italic; width: 76%;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">1^st AVIC Facility (<span style="text-indent: 0pt;">M/T Eco Oceano CA</span>)<br/> </span></div> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">40,066</span><br/> </span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">-</span><br/> </span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="font-style: italic; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">2^nd<span style="display: inline; float: none; letter-spacing: normal; white-space: normal; word-spacing: 0px; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify;">AVIC Facility (<span style="text-indent: 0pt;">M/T Eco West Coast</span>)</span></span></div> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">38,617</span><br/> </span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">-</span><br/> </span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="font-style: italic; width: 76%;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none; font-style: normal;">Huarong Facility (<span style="text-indent: 0pt;">M/T Eco Malibu</span>)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </span></div> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">38,800</span><br/> </span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">-</span><br/> </span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="font-style: italic; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">2^nd</span> CMBFL Facility (</span><span style="font-style: normal;"><span style="text-indent: 0pt;">M/T Eco Marina Del Rey</span>)</span></div> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">27,000</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 76%;" valign="bottom">HSBC Facility (<span style="text-indent: 0pt;">M/Y Parabellvm</span>)<br/> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">13,040</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 76%; background-color: #CCEEFF;" valign="bottom">New Huarong Facility (<span style="text-indent: 0pt;">M/T Eco Marina Del Rey, M/T Eco Oceano CA, M/T Julius Caesar and M/T Legio X Equestris</span>)<br/> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; font-weight: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">205,460</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 76%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Total long-term debt</p> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">265,247</span><br/> </span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">218,500</span><br/> </span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 76%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Less: Deferred finance fees</p> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">(<span style="text-indent: 0pt;">5,989</span></span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">)</span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">(<span style="text-indent: 0pt;">1,888</span></span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">)</span></td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 76%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;"><span style="font-weight: bold;">Total long-term debt net of deferred finance fees and debt discounts</span><br/> </p> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">259,258</span><br/> </span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">216,612</span><br/> </span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -9pt; margin-left: 9pt; font-style: italic; width: 76%; background-color: #CCEEFF;" valign="bottom"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 76%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Presented:</p> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 76%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Current portion of long-term debt</p> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">14,202</span><br/> </span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">11,824</span><br/> </span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 76%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Long-term debt </p> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">245,056</span><br/> </span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">204,788</span><br/> </span></td> <td colspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> M/T Julius Caesar and M/T Legio X Equestris 120764000 0 M/T Eco Oceano CA 40066000 0 M/T Eco West Coast 38617000 0 M/T Eco Malibu 38800000 0 M/T Eco Marina Del Rey 27000000 0 M/Y Parabellvm 0 13040000 M/T Eco Marina Del Rey, M/T Eco Oceano CA, M/T Julius Caesar and M/T Legio X Equestris 0 205460000 265247000 218500000 5989000 1888000 259258000 216612000 14202000 11824000 245056000 204788000 14340000 28 quarterly 358500 4302000 1.67 1.82 2 1.2 P3M 12000000 P30D P3M 0.023 0.85 550000 400000 350000 0.75 500000 1.25 1.25 1.20 1.20 1.20 1.176 1 1 P12M P5Y 8600 P5Y P5Y 22680000 32387000 0.25 3271000 1729000 5000000 3537000 1419000 22671000 4956000 48604000 49272000 P8Y P8Y 37500000 37500000 7300000 7300000 125000000 62500000 62500000 20000000 20000000 8000000 8000000 24000000 0.03 0.01 0.01 58155000 58155000 2667000 1032000 1032000 2 48200000 P10Y 40 quarterly 678000 21087000 0.035 0.03 P10Y 38033000 650000 190000 41000000 P10Y 120 monthly 183300 19000000 0.0265 P10Y 37333000 41000000 P10Y 120 monthly 183300 19000000 0.025 P10Y 37517000 28000000 P7Y 28 quarterly 500000 14000000 P3M 0.026 P7Y 25500000 494000 459000 207000000 28000000 42000000 68500000 68500000 P10Y P10Y P10Y P7Y 84 monthly 178600 120 120 120 monthly monthly monthly 183300 250000 250000 13000000 20000000 38500000 38500000 P3M 0.0195 0.0374 <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><b><i><span style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';">Scheduled Principal Repayments:</span> </i></b><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company’s annual principal payments required to be made after December 31, 2025, on its debt obligations, are as follows:</span></p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><br/> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="margin-right: 30%; font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">Years</p> </td> <td colspan="1" style="text-align: justify; vertical-align: bottom; 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;" valign="bottom"> </td> <td colspan="2" style="text-align: justify; 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;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; 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; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">December 31, <span style="text-indent: 0pt;">2026</span></p> </td> <td colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><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 style="text-indent: 0pt;">12,026</span><br/> </span> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">December 31, <span style="text-indent: 0pt;">2027</span></p> </td> <td colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><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 style="text-indent: 0pt;">12,026</span><br/> </span> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; 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; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">December 31, <span style="text-indent: 0pt;">2028</span></p> </td> <td colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><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 style="text-indent: 0pt;">12,026</span><br/> </span> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">December 31, <span style="text-indent: 0pt;">2029</span></p> </td> <td colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><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 style="text-indent: 0pt;">12,026</span><br/> </span> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; 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; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">December 31, <span style="text-indent: 0pt;">2030</span> and thereafter</p> </td> <td colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><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 style="text-indent: 0pt;">170,396</span><br/> </span> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 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; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 88%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">Total</p> </td> <td colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; 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;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; font-weight: bold;" valign="bottom"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;">218,500</span><br/> </span> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 12026000 12026000 12026000 12026000 170396000 218500000 3024000 1807000 <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: 27pt;"> <div 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: normal; font-variant: normal; text-transform: none;">8.</div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div 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: normal; font-variant: normal; text-transform: none;">Commitments and Contingencies:</div> </td> </tr> </table> </div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><span style="text-decoration: underline;"> <br/> </span></p> <div><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-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration: underline; display: inline ! important; float: none;">Legal proceedings:</span></div> <div><br/> </div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. As part of the normal course of operations, the Company’s customers may disagree on amounts due to the Company under the provision of the contracts which are normally settled through negotiations with the customer. Disputed amounts are normally reflected in revenues at such time as the Company reaches agreement with the customer on the amounts due.</p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">  <br/> </p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Other than the cases mentioned above, the Company is not a party to any material litigation where claims or counterclaims have been filed against the Company other than routine legal proceedings incidental to its business.</p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> <br/> </p> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt;"><span style="text-decoration: underline;">Guarantee on performance of loans of the </span><span style="text-decoration: underline;">2020</span><span style="text-decoration: underline;"> Joint Venture:</span></span></div> <div> <br/> </div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">On December 10, 2020, the Company entered into a corporate guarantee agreement with Alpha Bank of Greece (which was amended on February 2, 2022) in respect of the obligations of its 50% subsidiaries, California 19 Inc. and California 20 Inc., under the Loan Agreement dated March 12, 2020, <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;">which was further amended on September 27, 2024 (Note 16) to increase the drawdown amount to $30,000 per company, for a total loan facility as at the time of said amendment of $60,000 ($55,000 as of December 31, 2025) pursuant to which the Company guarantees up to 50% of the aggregate outstanding liability, for the financing of M/T Eco Yosemite Park and M/T Eco Joshua Park (the “Alpha Corporate Guarantee”). The Company assigns zero probability of default to the said loan agreements and hence has not established any provisions for losses relating to this matter.</span></p> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Capital Expenditures under the Company’s Newbuilding program:</span></div> <div><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">On February 18, 2026, the Company entered into an SPA for the purchase of the Newbuilding Tankers with Central Mare (Note 19) and as a result of this transaction the Company had remaining contractual commitments to the shipyard as of February 18, 2026 totalling $406,800, out of which an amount of $61,020 was payable in 2026 and is already settled as of the date of issuance of these financial statements, an amount of $22,600 is payable in 2027, an amount of $126,560 is payable in 2028 and an amount of $196,620 is payable in 2029. These contractual commitments to the shipyard are financed at 85% from the sale and leaseback financing agreements with two major Chinese leasing companies (Note 19).</div> <div style="font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The Company also had contractual commitments to Central Mare as seller of the Newbuilding Tankers totaling $41,093 out of which $6,000 was paid on the execution of the Tanker SPA, $1,500 was settled in March, 2026, $14,000 was settled through the issuance of 14,000 Series G Preferred Shares (see Note 9) on March 31, 2026, and the remaining amount of $19,593, is payable no later than April 15, 2026. As contemplated in the Tanker SPA under certain circumstances Central Mare can demand the payment of the outstanding installment in the form of newly-issued Series G Preferred Shares (Note 19).</div> <div><span style="font-size: 10pt;"> </span></div> <div><span style="font-size: 10pt;"><br/> </span> </div> <div><span style="font-size: 10pt;"> </span></div> <div><span style="font-size: 10pt;"> </span></div> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p> <div><span style="font-size: 10pt;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Guarantee on performance of the SLBs of Rubico Inc. with Huarong:</span></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;"> Concurrently with the entry into the New Huarong Facility (Note 7), the Company provided a guarantee of the obligations of the vessel-owning subsidiaries of Rubico under similar SLBs entered into with Huarong in an aggregate amount of $84,000, consummated in November 2025. The outstanding amount as of December 31, 2025, is $83,625. Furthermore, the New Huarong Facility contains cross-default provisions which would be triggered by a default under these SLBs entered into by Rubico. The Company assigns zero probability of default to said SLBs and hence has not established any provisions for losses relating to this matter. </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><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: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration: underline; display: inline ! important; float: none;">Environmental Liabilities:</span></p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">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, which should be disclosed, or for which a provision should be established in the consolidated financial statements.</p> 0.50 0.50 30000000 30000000 60000000 55000000 0.50 406800000 61020000 22600000 126560000 196620000 0.85 2 41093000 6000000 1500000 14000000 14000 19593000 84000000 83625000 <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: 27pt;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">9.</em></b></p> </td> <td style="vertical-align: top; width: auto;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Common and Preferred Stock, Additional Paid-In Capital and Dividends:</b></p> </td> </tr> </table> </div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"> <br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; text-transform: none;"><b><i>Reverse stock split:</i></b> On <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;">September 29, 2023 </em>the Company effected a <span style="-sec-ix-hidden:Fact_c31a9a7060cf40aab305f5012c34d8e6">1-for-12</span> reverse stock split of its common stock. There was <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;">no</em> change in the number of authorized common shares of the Company, or the floor price of the Company’s Series E Shares, or the number of votes of the Company’s Series D, E and F Shares. All numbers of common share and earnings per share amounts, as well as warrant shares eligible for purchase under the Company’s warrants, exercise price of said warrants and conversion prices of the Company’s Series E Shares in these consolidated financial statements have been retroactively adjusted to reflect this <span style="-sec-ix-hidden:Fact_e5333aabb00d428d9db6fa7dc77a2b4e">1-for-12</span> reverse stock split.</p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; text-transform: none;"><b><i>Series D preferred shares:</i></b><b> </b>On <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;"> May 8, 2017, </em>the Company issued 100,000 shares of Series D preferred shares (the “Series D shares”) to Tankers Family Inc., a company controlled by the Lax Trust for one thousand dollars ($1,000) pursuant to a stock purchase agreement. The Series D shares are <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;">not</em> convertible into common shares and each Series D share has the voting power of 1,000 common shares. The Series D shares have <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;">no</em> dividend or distribution rights and shall expire and all outstanding Series D shares shall be redeemed by the Company for par value on the date that any financing facility with any financial institution, which contains covenants requiring that any member of the family of Mr. Evangelos J. Pistiolis to maintain a specific minimum ownership or voting interest (either directly and/or indirectly through companies or other entities beneficially owned by any member of the Pistiolis family and/or trusts or foundations of which any member of the Pistiolis family are beneficiaries) of the Company’s issued and outstanding common shares, respectively, are fully repaid or reach their maturity date. The Series D shares shall <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;">not</em> be otherwise redeemable and upon any liquidation, dissolution or winding up of the Company, the Series D shares shall have a liquidation preference of $0.01 per share. Currently the New <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; 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;">Huarong Facility as well as</span> the Alpha Corporate Guarantee have similar provisions that are satisfied via the existence of the Series D Shares. As a prerequisite for the Navigare Lease, Mr. Evangelos J. Pistiolis guaranteed the performance of the bareboat charters, under certain circumstances, and in exchange, the Company agreed to indemnify him for any losses suffered as a result of the guarantee provided and in addition, the Company amended the Certificate of Designation governing the terms of the Series D Shares, to adjust the voting rights per share of Series D Shares such that during the term of the Navigare Lease, the combined voting power controlled by Mr. Evangelos J. Pistiolis and the Lax Trust <span style="font-style: normal; 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;">would </span><em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;">not</em> fall below a majority of the total voting power of the Company, irrespective of any new common or preferred stock issuances, and thereby complying with a relevant covenant of the bareboat charters entered in connection with the Navigare Lease. Due to the related party nature of the transactions involving Mr. Evangelos J. Pistiolis, such transactions were unanimously approved by the Company’s Board of Directors, including all three independent directors. Subsequent to the expiration of the Navigare Lease on December 22, 2025, Mr. Evangelos J. Pistiolis’s personal guarantee ceased being in effect and hence the amendment to the Certificate of Designations of the Series D shares adjusting the voting rights per share of the Series D Preferred Shares was automatically terminated, and the voting rights of the Series D Preferred Shares reverted to their pre-amendment terms.</p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br/> </div> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"></p> <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;"><span style="font-weight: bold; font-style: italic;"><span style="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;">Issuance of </span></span>the October 2022 Warrants: </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;">On October 7, 2022 the Company entered into an agreement with an investor holding 100% of previously issued warrants (“June 2022 Warrants”) to induce him to exercise all of his June 2022 Warrants at an exercise price reduced from $120.00 (exercise price of June 2022 Warrants) per warrant share to $81.00 per warrant share. In consideration for the immediate exercise of the June 2022 Warrants for cash that resulted in gross proceeds of $4,827 before related fees and commissions, the Investor received new warrants to purchase up to an aggregate of 89,393 common shares (the “October 2022 Warrants”). The October 2022 Warrants have an exercise price per warrant share of $81.00 and expire five years after issuance.</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;"><br/> </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; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; margin-bottom: 10pt;">During the years ended December 31, 2024 and 2025, no <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;">October 2022</span> Warrants were exercised.</div> <div style="text-align: justify;"><span style="font-weight: bold; font-style: italic;"><span style="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;">Issuance of common stock and warrants as part of the December 2022 Public Equity Offering:</span> </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;">On December 6, 2022, the Company closed a public offering of 562,500</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-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;"> of the Company’s common shares at a public offering price of $24.00 per share and </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;">6,750,000 warrants (the “Class C Warrants”) <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-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;">to <span style="font-size: 10pt;">purchase</span> up to 562,500 of the Company’s common shares, (the “December 2022 Public Equity Offering”)</span>, with Maxim Group LLC acting as a placement agent. The Class C Warrants are immediately exercisable at an exercise price of $24.00 per warrant share and expire five years after issuance. The December 2022 Public Equity Offering resulted in gross proceeds of $13,500 before deducting placement agent fees, commissions and other offering expenses that amounted to $1,104. </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-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;">During the years ended December 31, 2023, 2024 and 2025, 500, 0 and 0 common shares were issued pursuant to Class C Warrant exercises.</span> </div> <div><br/> </div> <div><span style="font-style: normal;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; 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; text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"><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;">Issuance of common stock and warrants as part of the February 2023 Registered Direct Offering:</span> </span><span style="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 February 14, 2023, the Company entered into a placement agency agreement with Maxim Group LLC relating to the sale of the Company’s securities, or the Placement Agent Agreement. Pursuant to the Placement Agent Agreement, the Company entered into a Securities Purchase Agreement, with a number of institutional investors (the “Investors”) in connection with a registered direct offering of an aggregate of 837,094 of the Company’s common shares at a public offering price of $16.20 per share, or the February 2023 Registered Direct Offering. Concurrently with the February 2023 Registered Direct Offering and pursuant to the Securities Purchase Agreement, the Company also commenced a private placement whereby the Company issued and sold 10,045,185 warrants (the “February 2023 Warrants”) to purchase up to 837,094 of the Company’s common shares. The February 2023 Warrants ha<em>v<span style="font-style: normal;">e</span></em> an exercise price per warrant share of $16.20 and expire five years after issuance. The February 2023 Registered Direct Offering closed on February 16, 2023 and it resulted in proceeds of $12,747 (net of 6% fees) and incurred $165 of expenses related to the offering. Additionally, since over 80% of the investors in the February 2023 Registered Direct Offering were Class C Warrant holders, the Company agreed to reduce the exercise price per common share of the Class C Warrants to $16.20 per warrant share from an original exercise price of $24.00 per common share to induce them to participate in the offering. The Company has recognized the incremental fair value of $121 of the modified Class C Warrants as an equity issuance cost, as the reduction of the exercise price of the Class C warrants was done in conjunction with the February 2023 Registered Direct Offering.</span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; 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; font-family: 'Times New Roman';"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; 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; text-align: justify; font-family: 'Times New Roman';">During the years ended December 31, 2023, 2024 and 2025 no February 2023 Warrants were exercised.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; 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; font-family: 'Times New Roman';"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-size: 10pt; 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; font-family: 'Times New Roman'; font-style: italic;"><span style="text-decoration: underline;">Accounting Treatment of the October 2022 Class C and February 2023 Warrants</span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; 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; font-family: 'Times New Roman';"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';">The Company accounted for the October 2022, Class C and February 2023 Warrants as equity in accordance with the accounting guidance for derivatives. The Company concluded these warrants should be equity-classified since they contained no provisions which would require the Company to account for the warrants as a derivative liability and therefore were initially measured at fair value in permanent equity with subsequent changes in fair value not measured.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); 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; font-family: 'Times New Roman';"> <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: bold; font-style: italic;">2024 ATM: </span><span style="font-family: 'Times New Roman';">On May 24, 2024, the Company, entered into an ATM, with Maxim (the “2024 ATM”). Under the 2024 ATM the Company may sell up to $5,800 of its common stock with Maxim acting as a sales agent. Since Maxim is acting solely as a sales agent, it has no right to require any common stock sales. No warrants, derivatives, or other share classes were associated with the 2024 ATM. The Company incurred $78 and $37 of expenses related to this equity distribution agreement for the years ended December 31, 2024 and 2025. The Company has not issued any common shares pursuant to the 2024 ATM in the years ended December 31, 2024 and 2025.</span></div> <div><br class="Apple-interchange-newline"/></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;"><b><i><span style="font-style: italic; font-weight: bold;">Dividends to common stockholders:</span> <span style="font-style: normal; font-weight: normal;">No</span></i></b><em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;"></em> <span style="font-style: normal;">dividends were paid to common stockholders in the years ended December 31, 2023, 2024 and 2025.</span></span></div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Series G Perpetual Convertible Preferred Shares:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;"><br/> The Series G Preferred Shares have the following characteristics:</span></div> <div style="font-style: normal; font-weight: normal;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;"><span style="text-decoration: underline;">Conversion.</span> The Company has the right, at any time and from time to time, subject to certain conditions, to convert in whole or in part at a conversion price which is the lower of (i) 120% of the closing price of the Company’s common shares on the trading day immediately preceding the first issuance of Series G Preferred Shares, being $3.67 (ii) 80% of the lowest daily VWAP of the Company’s common shares over the <span style="-sec-ix-hidden:Fact_b24d15599f0744ecb0966389403915a6">twenty</span> consecutive trading days expiring on the trading day immediately prior to the date of delivery of a conversion notice, (iii) the conversion price or exercise price per share of any of the Company’s then outstanding convertible shares or warrants, (iv) the lowest issuance price of the common shares in any transaction from the date of the issuance of the Series G Preferred Shares onwards, but in no event will the Series G Conversion Price be less than $0.60 (the “Floor Price”). The Floor Price is adjusted (decreased) in case of splits or subdivisions of the Company’s outstanding shares and is not adjusted in case of reverse stock splits or combinations of the Company’s outstanding shares.</span></div> <div style="font-style: normal; font-weight: normal;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;"> <span style="text-decoration: underline;">Voting.</span> The holders of Series G Preferred Shares are entitled to the voting power of one thousand (1,000) of the Company’s common shares per Series G Preferred Share.</span></div> <div style="font-style: normal; font-weight: normal;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;"><span style="text-decoration: underline;">Redemption. </span>The Company at its option shall have the right to redeem a portion or all of the outstanding Series G Preferred Shares. The Company shall pay an amount equal to one thousand dollars ($1,000) per each Series G Preferred Share (the “Liquidation Amount”), plus a redemption premium equal to fifteen percent (15%) of the Liquidation Amount being redeemed if that redemption takes place up to and including the first anniversary of the first issuance of Series G Preferred Shares and twenty percent (20%) of the Liquidation Amount being redeemed if that redemption takes place after the first anniversary of the first issuance of Series G Preferred Shares.</span></div> <div style="font-style: normal; font-weight: normal;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;"> <span style="text-decoration: underline;">Dividends.</span> The holders of outstanding Series G Preferred Shares shall be entitled to receive semi-annual dividends equal to fifteen percent (15%) per year of the liquidation amount of the then outstanding Series G Preferred Shares.</span></div> 100000 1000 1000 1000 0.01 3 1 120 81 4827000 89393 81 P5Y 0 0 562500 24 6750000 562500 24 P5Y 13500000 1104000 500 0 0 837094 16.2 10045185 837094 16.2 P5Y 12747000 0.06 165000 0.80 16.2 24 121000 0 0 0 5800000 78000 37000 0 0 0 0 0 1.20 3.67 0.80 0.6 1000 1000 1000 1000 0.15 0.15 0.20 0.20 0.15 0.15 <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: 27pt;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">10.</em></b></p> </td> <td style="vertical-align: top; width: auto;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>(Loss)/Earnings </b><b>Per Common Share:  <br/> </b></p> </td> </tr> </table> </div> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">All shares issued are included in the Company’s common stock and have equal rights to vote and participate in dividends and in undistributed earnings.</p> <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> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; 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; text-transform: none;"> </p> <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> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The components of the calculation of basic and diluted (loss)/earnings per share for the years ended December 2023, 2024 and 2025 are as follows:</p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="10" style="text-align: center;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>Year Ended December 31,</b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b> 2023<br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2024<br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2025<br/> </b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Net Income</b></p> </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"><b>6,066</b></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"><b>5,034</b></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"><b>3,086</b></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Less: Dividends of preferred shares</p> </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">(6,010</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> <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 style="vertical-align: bottom;"> <td rowspan="1" style="width: 64%; background-color: #CCEEFF;" valign="bottom">Less: Deemed dividend on Series E Shares conversion</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">(22,426</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">-</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">-</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 style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Net </b><b><b>(Loss)/</b>Income attributable to common shareholders</b></p> </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"><b>(22,370</b></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"><b>)</b></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"><b>5,034</b></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"><b>3,086</b></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" 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> <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 style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Earnings</b><b> per share:</b></p> </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> <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 style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Weighted average common shares outstanding, basic and dilutive</p> </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">1,798,761</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">4,626,197</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">4,626,197</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>(Loss)/</b>Earnings per share, basic and diluted</b></p> </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"><b>(12.44</b></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"><b>)</b></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"><b>1.09</b></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"><b>0.67</b></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">For the years ended December 31, 2023, 2024 and 2025, 1,177,547, 0 and 0 dilutive shares on an as-if converted basis relating to Series E Shares were not included in the computation of diluted (loss)/earnings per share because to do so would have been antidilutive for the period presented.</p> <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> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The components of the calculation of basic and diluted (loss)/earnings per share for the years ended December 2023, 2024 and 2025 are as follows:</p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="10" style="text-align: center;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>Year Ended December 31,</b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b> 2023<br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2024<br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2025<br/> </b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Net Income</b></p> </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"><b>6,066</b></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"><b>5,034</b></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"><b>3,086</b></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Less: Dividends of preferred shares</p> </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">(6,010</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> <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 style="vertical-align: bottom;"> <td rowspan="1" style="width: 64%; background-color: #CCEEFF;" valign="bottom">Less: Deemed dividend on Series E Shares conversion</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">(22,426</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">-</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">-</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 style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Net </b><b><b>(Loss)/</b>Income attributable to common shareholders</b></p> </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"><b>(22,370</b></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"><b>)</b></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"><b>5,034</b></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"><b>3,086</b></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" 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> <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 style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Earnings</b><b> per share:</b></p> </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> <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 style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Weighted average common shares outstanding, basic and dilutive</p> </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">1,798,761</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">4,626,197</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">4,626,197</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>(Loss)/</b>Earnings per share, basic and diluted</b></p> </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"><b>(12.44</b></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"><b>)</b></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"><b>1.09</b></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"><b>0.67</b></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 6066000 5034000 3086000 6010000 0 0 22426000 0 0 -22370000 5034000 3086000 1798761 1798761 4626197 4626197 4626197 4626197 -12.44 -12.44 1.09 1.09 0.67 0.67 1177547 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: 27pt;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">11.</em></b></p> </td> <td style="vertical-align: top; width: auto;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Voyage and Vessel Operating Expenses:</b></p> </td> </tr> </table> </div> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The amounts in the consolidated statements of comprehensive income are as follows:</p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Voyage Expenses</b></p> </td> <td colspan="1" style="white-space: nowrap; text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="10" style="vertical-align: bottom; white-space: nowrap; text-align: center;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>Year Ended December 31,</b></b></p> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b> 2023<br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2024<br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2025<br/> </b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Bunkers</p> </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">20</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">380</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">194</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; white-space: nowrap;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Commissions (including $1,037, $1,040 and $1,015 respectively, to related party)</p> </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">1,589</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">1,628</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">2,296</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 64%; background-color: #CCEEFF;" valign="bottom">Other<br/> </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">-</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">-</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">11</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 style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Total</b></p> </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"><b>1,609</b></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"><b>2,008</b></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"><b>2,501</b></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <p style="font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">  <br/> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Vessel Operating Expenses</b></p> </td> <td colspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="10" style="vertical-align: bottom; white-space: nowrap; text-align: center;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>Year Ended December 31,</b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b> 2023<br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2024<br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2025<br/> </b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Crew wages and related costs</p> </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"><br/> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">11,898</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">11,965</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">11,465</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Insurance</p> </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">1,670</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">1,578</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">1,541</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Repairs and maintenance (including $42, $46 and $11 respectively, to related party)</p> </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">1,138</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">1,566</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">1,868</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Spares and consumable stores</p> </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">3,538</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">3,685</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">3,196</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Registration and taxes (Note 13)</p> </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">283</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">292</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">325</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Total</b></p> </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"><b>18,527</b></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"><b>19,086</b></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"><b>18,395</b></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The amounts in the consolidated statements of comprehensive income are as follows:</p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Voyage Expenses</b></p> </td> <td colspan="1" style="white-space: nowrap; text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="10" style="vertical-align: bottom; white-space: nowrap; text-align: center;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>Year Ended December 31,</b></b></p> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b> 2023<br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2024<br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2025<br/> </b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Bunkers</p> </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">20</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">380</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">194</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; white-space: nowrap;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Commissions (including $1,037, $1,040 and $1,015 respectively, to related party)</p> </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">1,589</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">1,628</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">2,296</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 64%; background-color: #CCEEFF;" valign="bottom">Other<br/> </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">-</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">-</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">11</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 style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Total</b></p> </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"><b>1,609</b></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"><b>2,008</b></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"><b>2,501</b></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 20000 380000 194000 1037000 1040000 1015000 1589000 1628000 2296000 0 0 11000 1609000 2008000 2501000 <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Vessel Operating Expenses</b></p> </td> <td colspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="10" style="vertical-align: bottom; white-space: nowrap; text-align: center;"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>Year Ended December 31,</b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b> 2023<br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2024<br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2025<br/> </b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Crew wages and related costs</p> </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"><br/> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">11,898</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">11,965</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">11,465</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Insurance</p> </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">1,670</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">1,578</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">1,541</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Repairs and maintenance (including $42, $46 and $11 respectively, to related party)</p> </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">1,138</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">1,566</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">1,868</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Spares and consumable stores</p> </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">3,538</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">3,685</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">3,196</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Registration and taxes (Note 13)</p> </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">283</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">292</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">325</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Total</b></p> </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"><b>18,527</b></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"><b>19,086</b></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"><b>18,395</b></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 11898000 11965000 11465000 1670000 1578000 1541000 42000 46000 11000 1138000 1566000 1868000 3538000 3685000 3196000 283000 292000 325000 18527000 19086000 18395000 <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: 27pt;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">12.</em></b></p> </td> <td style="vertical-align: top; width: auto;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Interest and Finance Costs:</b></p> </td> </tr> </table> </div> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The amounts in the consolidated statements of comprehensive income are analyzed as follows:</p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Interest and Finance Costs</b></p> </td> <td colspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="10" style="text-align: center;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>Year Ended December 31,</b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b> 2023<br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2024<br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2025<br/> </b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Interest on debt<br/> </p> </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">18,142</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">20,450</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">16,662</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Bank charges <br/> </p> </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">120</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">184</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">105</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Amortization and write-off of deferred financing fees</p> </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">1,190</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">1,443</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">4,555</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 64%;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;"><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-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Amortization of debt discount relating to Vessel fair value participation liability (Note 7)</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">3,537</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">1,419</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">-</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt; font-size: 10pt; font-family: 'Times New Roman';"><span style="color: rgb(0, 0, 0); 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; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Debt Prepayment fees</span></p> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">-</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">-</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">2,713</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Less interest capitalized</p> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">-</td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">-</td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(629</td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>Total</b></p> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">22,989</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">23,496</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">23,406</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The amounts in the consolidated statements of comprehensive income are analyzed as follows:</p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Interest and Finance Costs</b></p> </td> <td colspan="1" style="text-align: center; vertical-align: bottom;" valign="bottom"> </td> <td colspan="10" style="text-align: center;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>Year Ended December 31,</b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b> 2023<br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2024<br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2025<br/> </b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Interest on debt<br/> </p> </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">18,142</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">20,450</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">16,662</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Bank charges <br/> </p> </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">120</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">184</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">105</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Amortization and write-off of deferred financing fees</p> </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">1,190</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">1,443</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">4,555</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 64%;" valign="bottom"> <div style="margin-left: 9pt; text-indent: -9pt;"><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-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Amortization of debt discount relating to Vessel fair value participation liability (Note 7)</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">3,537</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">1,419</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">-</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt; font-size: 10pt; font-family: 'Times New Roman';"><span style="color: rgb(0, 0, 0); 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; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Debt Prepayment fees</span></p> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">-</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">-</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">2,713</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Less interest capitalized</p> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">-</td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">-</td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(629</td> <td colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>Total</b></p> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">22,989</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">23,496</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">23,406</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 18142000 20450000 16662000 120000 184000 105000 1190000 1443000 4555000 3537000 1419000 0 0 0 2713000 0 0 629000 22989000 23496000 23406000 <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: 27pt;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">13.</em></b></p> </td> <td style="vertical-align: top; width: auto;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Income Taxes:</b></p> </td> </tr> </table> </div> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">Marshall Islands and Greece does <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">not</em> impose a tax on international shipping income. Under the laws of Marshall Islands and Greece, the countries of the companies’ incorporation and vessels’ registration, the companies are subject to registration and tonnage taxes, which have been included in Vessel operating expenses in the consolidated statements of comprehensive income.</p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-family: 'Times New Roman'; font-size: 10pt;"> </p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">Under the United States Internal Revenue Code of <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1986,</em> as amended (the “Code”), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as the Company, is subject to a <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">4%</em> U.S. Federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">883</em> of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">50%</em> of the gross shipping income that is attributable to transportation that begins or ends, but that does <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">not</em> both begin and end, in the United States.</p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"> <br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">Under Section <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">883</em> of the Code and the regulations thereunder, the Company will be exempt from U.S. federal income tax on our U.S.-source shipping income if:</p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-family: 'Times New Roman'; font-size: 10pt;"> </p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">(<em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1</em>) the Company is organized in a foreign country, or its country of organization, grants an “equivalent exemption” to corporations organized in the United States; and</p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-family: 'Times New Roman'; font-size: 10pt;"> </p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">(<em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2</em>) either</p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-family: 'Times New Roman'; font-size: 10pt;"> </p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; margin-left: 18pt;">A. more than <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">50%</em> 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 (each such individual a “qualified shareholder” and such individuals collectively, “qualified shareholders”), which the Company refers to as the <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">“50%</em> Ownership Test,” or</p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"> </p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; margin-left: 18pt;">B. the Company’s stock is “primarily and regularly traded on an established securities market” in the Company’s country of organization, in another country that grants an “equivalent exemption” to U.S. corporations, or in the United States, which the Company refers to as the “Publicly-Traded Test.”</p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">The Marshall Islands, the jurisdiction where the Company and the Company’s ship-owning subsidiaries are incorporated, grants an “equivalent exemption” to U.S. corporations. Therefore, the Company will be exempt from U.S. federal income tax with respect to the Company’s U.S.-source shipping income if either the <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">50%</em> Ownership Test or the Publicly-Traded Test is met.</p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"> </p> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In order to satisfy the 50% Ownership Test, a non-U.S. corporation must be able to substantiate that more than 50% of the value of its shares is owned, for at least half of the number of days in the non-U.S. corporation’s taxable year, directly or indirectly, by “qualified shareholders.” For this purpose, qualified shareholders are: (1) individuals who are residents (as defined in the Treasury Regulations) of countries, other than the United States, that grant an equivalent exemption, (2) non-U.S. corporations that meet the Publicly-Traded Test and are organized in countries that grant an equivalent exemption, or (3) certain foreign governments, non-profit organizations, and certain beneficiaries of foreign pension funds. In order for a shareholder to be a qualified shareholder, there generally cannot be any bearer shares in the chain of ownership between the shareholder and the taxpayer claiming the exemption (unless such bearer shares are maintained in a dematerialized or immobilized book-entry system as permitted under the Treasury Regulations). A corporation claiming the Section 883 exemption based on the 50% Ownership Test must obtain all the facts necessary to satisfy the IRS that the 50% Ownership Test has been satisfied (as detailed in the Treasury Regulations).</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"> </p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">For purposes of the Publicly-Traded Test, Treasury Regulations provide, in pertinent part, that stock of a foreign corporation will be considered to be “primarily traded” on an established securities market if the number of shares of each class of stock that are traded during any taxable year on all established securities markets in that country exceeds the number of shares in each such class that are traded during that year on established securities markets in any other single country. The Company’s common shares, which is the Company’s sole class of issued and outstanding stock that is traded, is and the Company anticipates that its common shares will continue to be “primarily traded” on the NYSE American.</p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"> </p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">The Treasury Regulations also require for purposes of the Publicly-Traded Test that the Company’s stock be “regularly traded” on an established securities market. Under the Treasury Regulations, the Company’s stock will be considered to be “regularly traded” if <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">one</em> or more classes of the Company’s stock representing more than <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">50%</em> 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, are listed on <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">one</em> or more established securities markets, which the Company refers to as the “listing threshold.”</p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> </p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; 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 Company took the position for U.S. federal income tax reporting purposes that it was not subject to U.S. federal income taxation for the 2023, 2024 taxable years since 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 </span>believes it qualifies for the exemption from tax under Section 883 and the Company intends to take the same position for the 2025 taxable year.</span></p> <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: 27pt;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">14.</em></b></p> </td> <td style="vertical-align: top; width: auto;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><b>Financial Instruments:</b></p> </td> </tr> </table> </div> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"> </p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; 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;">The principal financial assets of the Company consist of cash on hand and at banks, restricted cash, trade accounts receivables (including EUAs), <span 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; 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;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">due from related parties (including EUAs)</span> </span>and long-term deposits. The principal financial liabilities of the Company consist of long-term loans (Note 7), accounts payable <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;">(including EUAs)</span> due to suppliers, amounts due to related parties and accrued liabilities. </span> <br/> </p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"> <br/> </p> <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="width: 18pt; text-align: justify;"> </td> <td style="vertical-align: top; width: 18pt;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">a)</p> </td> <td style="vertical-align: top; width: auto;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><b>Interest rate risk:</b> The Company as of <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> December 31, 2025 </em>is subject to market risks relating to changes in interest rates, <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; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">since all of its debt is subject to floating interest </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;">rates.</span></p> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="d14eafc7d8f94d97bf12512f8c143786" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"><br/> </td> <td style="vertical-align: top; width: 18pt;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">b)</p> </td> <td style="vertical-align: top; width: auto;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><b>Credit risk:</b> Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions with which it places its temporary cash investments.</p> </td> </tr> </table> <div><br/></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z0f31011bfbf443d2b485c2c3465aee84" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"><br/> </td> <td style="vertical-align: top; width: 18pt;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">c)</p> </td> <td style="vertical-align: top; width: auto;"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Fair value:</b> <br/> </p> </td> </tr> </table> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The following methods and assumptions were used to estimate the fair value of each class of financial instrument:</p> <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> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; 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; text-transform: none;"> </p> <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> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short term maturities. The Company considers its creditworthiness when determining the fair value of its liquid assets.</p> <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> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; 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; text-transform: none;">  <br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The Company follows the accounting guidance for Fair Value Measurements. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The guidance requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories:</p> <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> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; 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; text-transform: none;"> </p> <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> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Level 1: Quoted market prices in active markets for identical assets or liabilities;</p> <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> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data;</p> <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> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Level 3: Unobservable inputs that are not corroborated by market data.</p> <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: 27pt;"> <p style="font-variant: normal; margin: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">15.</em></b></p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-variant: normal; margin: 0pt;"><b>Mezzanine Equity</b></p> </td> </tr> </table> </div> <p style="font-variant: normal; margin: 0pt;"><b> <br/> </b></p> <div 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: normal; font-variant: normal; text-transform: none;"><b>SERIES E PREFERRED SHARES</b></div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">On March 29, 2019, the Company entered into a Stock Purchase Agreement with Family Trading for the sale of 27,129 newly issued perpetual convertible preferred shares (the “Series E Shares”) at a price of one thousand dollars ($1,000) per share. The proceeds of the sale were used for the full and final settlement of all amounts due under a previously entered credit facility with Family Trading. The issuance of the Series E Shares was approved by a committee of the Company’s board of directors, of which all of the directors were independent.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Each holder of Series E Shares, at any time, had the right, subject to certain conditions, to convert all or any portion of the Series E Shares then held by such holder into the Company’s common shares at the conversion rate then in effect. Each Series E Share was convertible into the number of the Company’s common shares equal to the quotient of one thousand dollars ($1,000) plus any accrued and unpaid dividends divided by the lesser of the following four prices (the “Series E Conversion Price”): (i) $120,000.00, (ii) 80% of the lowest daily VWAP of the Company’s common shares over the <span style="-sec-ix-hidden:Fact_f0bf8e1649e947fd9a2502e0ca70b976">twenty</span> consecutive trading days expiring on the trading day immediately prior to the date of delivery of a conversion notice, (iii) the conversion price or exercise price per share of any of the Company’s then outstanding convertible shares or warrants, (iv) the lowest issuance price of the Company’s common shares in any transaction from the date of the issuance the Series E Shares onwards, but in no event could the Series E Conversion Price be less than the floor price ($0.60). The floor price was adjusted (decreased) in case of splits or subdivisions of the Company’s outstanding shares and was not adjusted in case of reverse stock splits or combinations of the Company’s outstanding shares. The holders of each Series E Share were entitled to the voting power of one thousand (1,000) common shares of the Company. Upon any liquidation, dissolution or winding up of the Company, the holders of Series E Shares would have been entitled to receive the net assets of the Company pari-passu with the common shareholders. Furthermore, the Company at its option had the right to redeem a portion or all of the outstanding Series E Shares. The Company could pay an amount equal to one thousand dollars ($1,000) per each Series E Share (the “Liquidation Amount”), plus a redemption premium equal to fifteen percent (15%) of the Liquidation Amount being redeemed if that redemption took place up to and including March 29, 2020 and twenty percent (20%) of the Liquidation Amount being redeemed if that redemption took place after March 29, 2020, plus an amount equal to any accrued and unpaid dividends on such Series E Shares (collectively referred to as the “Redemption Amount”).</p> <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> <p style="font-variant: normal; margin: 0pt; 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; text-transform: none;"> </p> <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> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The Series E Shares were not subject to redemption in cash at the option of the holders thereof under any circumstance. Finally, the holders of outstanding Series E Shares were entitled to receive, semi-annual dividends payable in cash on the last day of June and December of each year (each such date being referred to herein as a “Semi Annual Dividend Payment Date”), commencing on the first Semi Annual Dividend Payment Date, being June 30, 2019 in an amount per share (rounded to the nearest cent) equal to fifteen percent (15%) per year of the liquidation amount of the then outstanding Series E Shares computed on the basis of a 365-day year and the actual days elapsed. Accrued but unpaid dividends bore interest at fifteen percent (15%). Dividends would not have been payable in cash if such payment violated any provision of any senior secured facility of the Company or any senior secured facility for which the Company had provided a guarantee, for as long as such provisions remained in effect.</p> <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> <p style="font-variant: normal; margin: 0pt; 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; text-transform: none;"> </p><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; 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; text-transform: none; text-align: justify;">The Company determined that the Series E shares were more akin to equity than debt and that the above identified conversion feature, subject to adjustments, was clearly and closely related to the host instrument, and accordingly bifurcation and classification of the conversion feature as a derivative liability was not required. Given that the Series D and Series E preferred stock’s holder (Lax Trust) controlled a majority of the Company votes, the preferred equity was in essence redeemable at the option of the holder and hence was classified in Mezzanine equity as per ASC 480-10-S99 “Distinguishing liabilities from Equity – SEC Materials”.<br/> </p> <div><br/></div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">On December 6, 2023, the Company received a conversion notice for the conversion of all the outstanding Series E Shares (13,452 shares) into 2,930,718 of the Company’s common shares. The Series E Shares were converted on the same date of the receipt of the conversion notice with a conversion price of $4.59, which represented 80% of the lowest daily volume weighted average price of the Company’s common stock over the <span style="-sec-ix-hidden:Fact_57655a7ba36d4782969aa3f14c75bc22">20</span> consecutive trading days expiring on the trading day immediately prior to the date of delivery of the conversion notice. In the year ended December 31, 2023, the Company did not issue or redeem any Series E Shares. During the year ended December 31, 2023, the Company declared $1,001 of dividends to the Series E Shares holder.</p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> <br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> The Company, based on ASC 470-20-40-5, determined that the Series E Shares conversion feature is in essence a redemption, since such conversion was settled by a delivery of a variable number of shares of common stock with a fixed monetary amount and by applying ASC 260-10-S99-2 has recognized the difference between the carrying amount of the Series E Shares at the date of conversion and the fair value of the common stock delivered on the same date, <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;">amounting to $22,426, as a deemed dividend.</span> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> <br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold;">SERIES F PREFERRED SHARES</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 January 17, 2022, the Company entered into a stock purchase agreement with Africanus Inc., an affiliate of Evangelos J. Pistiolis  for the sale of up to 7,560,759 newly-issued Series F Non-Convertible Perpetual Preferred Shares (“Series F Shares”), in exchange for (i) the assumption by Africanus Inc. of an amount of $47,630 of shipbuilding costs for its newbuilding vessels M/T Eco Oceano CA (Hull No. 871), M/T Julius Caesar (Hull No. 3213) and M/T Legio X Equestris (Hull No. 3214), and (ii) settlement of the Company’s remaining payment obligations relating to the VLCC Transaction, in an amount of up to $27,978. From January 17 to March 16, 2022 a total of 7,200,000 Series F Shares were issued, to cover $47,630 of shipbuilding costs in connection with the deliveries of M/T Julius Caesar, M/T Legio X Equestris and M/T Eco Oceano CA and as a consideration for the settlement of $24,370 of Due to related parties. During the years ended December 31, 2022 and 2023 the Company redeemed a total of 1,349,252 and 2,191,121 Series F Shares for $16,191 and <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;">$26,293</span>. </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;">On February 6, 2024, the Company redeemed the remaining 3,659,627 Series F Shares for $43,916.</span></p> <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="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The holders of Series F Shares were entitled to the voting power of ten of the Company’s common shares per Series F Share. Upon any liquidation, dissolution or winding up of the Company, the holders of Series F Shares would have been entitled to receive the net assets of the Company pari passu with the Company’s common shares. The Series F Shares could not be subject to redemption in cash at the option of the holders and only the Company at its option had the right to redeem a portion or all of the outstanding Series F Shares at an amount equal to $10 (ten) per Series F Share redeemed (the “Liquidation Amount”), plus a redemption premium of 20% of the Liquidation Amount. The Series F Shares included a mandatory redemption provision tied to minimum voting requirements for the Company’s major shareholders, including affiliates of the CEO, pursuant to which if such minimum voting rights fell below 50% the Company was obliged to redeem the full amount of the then outstanding Series F Shares at a redemption premium of 40%. The holders of outstanding Series F Shares were entitled to receive semi-annual dividends payable in cash at a rate of 13.5% per year of the Liquidation Amount of the then outstanding Series F Shares. Accrued but unpaid dividends bore interest at 13.5%. In addition, a one-time cash dividend equal to 4.0% of the Liquidation Amount was payable following each issuance of Series F Shares. Finally, the Series F Shares were not convertible into the Company’s common shares under any circumstances.</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="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The Company determined that the Series F Shares were more akin to equity than debt and hence they were classified in Mezzanine equity.</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="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">During the years ended December 31, 2023 and 2024 the Company declared $5,009 and  $0 of dividends to the Series F Shares holder.<br/> </div> 27129 1000 1000 1000 1000 4 120000 0.80 0.6 1000 1000 1000 1000 0.15 0.15 0.20 0.20 0.15 0.15 0.15 0.15 13452 2930718 4.59 0.80 0 0 1001000 22426000 7560759 47630000 27978000 7200000 47630000 24370000 1349252 2191121 16191000 26293000 3659627 43916000 10 10 10 0.20 0.50 0.40 0.135 0.135 0.04 5009000 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: 27pt;"> <p style="font-variant: normal; margin: 0pt; text-align: justify;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">16.</em></b></p> </td> <td style="vertical-align: top; width: auto;"> <p style="font-variant: normal; margin: 0pt; text-align: justify;"><b>Investments in Unconsolidated Joint Ventures</b></p> </td> </tr> </table> </div> <p style="font-variant: normal; margin: 0pt; text-align: justify;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-style: italic; font-weight: bold; font-size: 10pt; text-align: justify;"><span style="text-decoration: underline;"><em style="font-family: 'Times New Roman'; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"></em><em style="font-family: 'Times New Roman'; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2020</em> Joint Venture</span> </p><p style="font-variant: normal; margin: 0pt; text-align: justify;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;">On April 24, 2020 the Company acquired from a company affiliated with Mr. Evangelos J. Pistiolis, or the MR Seller, a 50% interest in two vessel owning companies (California 19 Inc. and California 20 Inc.) that owned two scrubber-fitted 50,000 dwt eco MR product tankers, M/T Eco Yosemite Park and M/T Eco Joshua Park respectively for $27,000, representing the Company’s share of interest in the fair value of the net assets acquired. Both vessels were delivered in March 2020 to the MR Seller from Hyundai Mipo shipyard of South Korea. The MR Seller had already entered into two joint venture agreements, for the two vessels, each with an equal ownership interest of 50%, with Just-C Limited, a wholly owned subsidiary of Gunvor Group Ltd (the other 50% owner). The abovementioned acquisition was approved by a special committee of the Company’s board of directors (the “JV Special Committee”), of which all of the directors were independent and for which the JV Special Committee obtained a fairness opinion relating to the consideration of the transaction from an independent financial advisor.</p> <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> <p style="font-variant: normal; margin: 0pt; 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; text-transform: none; text-align: justify;"> </p> <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> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;">Out of the purchase price of $27,000, $1,646 and $1,654 were recognized as excess of the purchase price over the underlying net book value (“Basis Differences”) for California 19 Inc. and California 20 Inc. respectively, attributed to the value assigned to the attached time charter. These Basis Differences are amortized over the duration of the firm period of the charter (5 years) and their amortization is included as a reduction in Equity (loss)/gain in unconsolidated joint ventures. Furthermore $1,963 and $1,963 were also recognized as Basis Differences for California 19 Inc. and California 20 Inc. respectively, attributed to the fair market value over the carrying value of the vessels. These Basis Differences are amortized over the useful life of the vessels (25 years) and their amortization is also included as a reduction in Equity (loss)/gain in unconsolidated joint ventures.</p> <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> <p style="font-variant: normal; margin: 0pt; 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; text-transform: none; text-align: justify;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;">On March 12, 2020, California 19 Inc. together with California 20 Inc. entered into a loan agreement with Alpha Bank for a senior debt facility of $37,660 ($18,830 for each vessel, the “JV Alpha Facility”). The loan had a term of five years and was payable on maturity via a balloon payment of $18,830 per vessel. The credit facility bore interest at LIBOR plus a margin of 3.00%. The facility carried customary covenants and restrictions, including the covenant that during the life of the facility, the market value of the vessels should have been at least 200% of the facility outstanding and any shortfall should have been covered by partial prepayments. </p><p style="font-variant: normal; margin: 0pt; 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; text-transform: none; text-align: justify;"> </p> <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> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;"> On September 27, 2024 California 19 Inc. and California 20 Inc. refinanced the JV Alpha Facility with the same bank (Alpha Bank) and increased the loan to $30,000 per vessel. The refinanced credit facility is repayable in 28 consecutive quarterly installments of $500 per vessel, commencing three months from draw down, and a balloon payment of $16,000 per vessel payable together with the last installment. The facility contains the same covenants as the JV Alpha Facility except for the asset cover ratio that has been reduced to 125%. Finally, the margin of the refinanced facility was lowered to 2.20% from 3.00% and the facility’s variable rate was switched from LIBOR to Term SOFR. The refinanced facility continues to be guaranteed by the Company at 50% of the aggregate outstanding liability and that guarantee is limited to the Company’s share of the net assets of California 19 Inc. and California 20 Inc.<br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;"> <br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; 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;">Each of the two product tankers are on time charters that commenced in March 2020 with Clearlake Shipping Pte Ltd, (“Clearlake”) a subsidiary of Gunvor Group Ltd at a daily rate of $17,400 for a firm term of five years plus <span style="-sec-ix-hidden:Fact_686acea16a5142c7af6270db10c56a5f"><span style="-sec-ix-hidden:Fact_5e0283e2ef974c66b638e06a8e0b9000">two</span></span> additional optional years. On July 10, 2024 California 19 Inc. and California 20 Inc. entered into agreements with Clearlake to extend their time charter employment at higher rates. Specifically, both vessels commenced a 7-year time charter on August 1, 2024 at a gross daily hire rate of $19,500. All other terms remained as per the previous time charter contracts, including the terms of an option of the charterers to extend each time charter for <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="-sec-ix-hidden:Fact_525a52b5520942e19a0f15fe602175e3"><span style="-sec-ix-hidden:Fact_1b263af987884282885989124df6dbcb">two</span></span></span> additional years.</span><br/> </p> <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> <p style="font-variant: normal; margin: 0pt; 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; text-transform: none; text-align: justify;"> </p> <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> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; 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;">The Company’s exposure is limited to its share of the net assets of California 19 Inc. and California 20 Inc., proportionate to its 50% equity interest in these companies. Generally, the Company will share the profits and losses, cash flows and other matters relating to its investments in California 19 Inc. and California 20 Inc. in accordance with its ownership percentage. The vessels are managed by CSI, pursuant to management agreements. The Company accounts for investments in joint ventures using the equity method since it has joint control over the investment</span>.</p><p style="font-variant: normal; margin: 0pt; text-align: justify;"> </p><p style="font-variant: normal; margin: 0pt 0pt 0pt 9pt; text-indent: -9pt; 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; text-transform: none; text-align: justify;">California 19 Inc. and California 20 Inc. made the following disbursements to the Company in 2023, 2024 and 2025:</p><p style="font-variant: normal; margin: 0pt;"> <br/> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>December 31, 2023</b></b></p> </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="6" style="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>December 31, 2024</b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"><b><b>December 31, 2025</b></b> <br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="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="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 19 Inc.</b></b></p> </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="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 20 Inc.</b></b></p> </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="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 19 Inc.</b></b></p> </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="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 20 Inc.</b></b></p> </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;" valign="bottom"> <div style="text-align: center;"><b><b>California 19 Inc.</b></b></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;" valign="bottom"> <div style="text-align: center;"><b><b>California 20 Inc.</b></b></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 28%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: bold; text-indent: -18pt; margin-left: 18pt;">Total disbursements<br/> </p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">1,260</span><br/> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">1,260</span><br/> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">5,870</span><br/> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">5,870</span><br/> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <p style="font-variant: normal; margin: 0pt;">  <br/> </p><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Recognition of Equity (loss)/gain in unconsolidated joint ventures of the 2020 Joint Venture for the years ended December 31, 2023, 2024 and 2025 are summarized below:</p><p style="font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>December 31, 2023</b></b></p> </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="6" style="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>December 31, 2024</b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"><b><b>December 31, 2025</b></b></td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 19</b> <b>Inc.</b></b></p> </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="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 20 Inc.</b></b></p> </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="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 19 Inc.</b></b></p> </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="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 20 Inc.</b></b></p> </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;" valign="bottom"> <div style="text-align: center;"><b><b>California 19 Inc.</b></b></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;" valign="bottom"> <div style="text-align: center;"><b><b>California 20 Inc.</b></b></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 28%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Net profit attributable to the Company</p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">399</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">400</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">509</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">467</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><span style="text-indent: 0pt;">16</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><span style="text-indent: 0pt;">188</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 28%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Amortization of Basis Differences</p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(<span style="text-indent: 0pt;">408</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(<span style="text-indent: 0pt;">409</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(<span style="text-indent: 0pt;">408</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(<span style="text-indent: 0pt;">409</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">(<span style="text-indent: 0pt;">188</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">(<span style="text-indent: 0pt;">189</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 28%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>Equity (loss)/gain in unconsolidated joint ventures<br/> </b></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><b>(<span style="text-indent: 0pt;">9</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><b>)</b></td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><b>(<span style="text-indent: 0pt;">9</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><b>)</b></td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><b><span style="text-indent: 0pt;">101</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><b><span style="text-indent: 0pt;">58</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(<span style="text-indent: 0pt;">172</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(<span style="text-indent: 0pt;">1</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> </table> 0.50 0.50 2 2 50000 50000 27000000 2 2 0.50 0.50 27000000 1646000 1654000 P5Y 1963000 1963000 P25Y 37660000 18830000 18830000 P5Y 18830000 18830000 0.03 2 30000000 30000000 28 quarterly 500000 500000 P3M 16000000 16000000 1.25 0.022 0.03 0.50 2 17400000 17400000 P5Y P5Y P7Y P7Y 19500000 19500000 0.50 0.50 <p style="font-variant: normal; margin: 0pt 0pt 0pt 9pt; text-indent: -9pt; 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; text-transform: none; text-align: justify;">California 19 Inc. and California 20 Inc. made the following disbursements to the Company in 2023, 2024 and 2025:</p><p style="font-variant: normal; margin: 0pt;"> <br/> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>December 31, 2023</b></b></p> </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="6" style="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>December 31, 2024</b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"><b><b>December 31, 2025</b></b> <br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="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="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 19 Inc.</b></b></p> </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="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 20 Inc.</b></b></p> </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="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 19 Inc.</b></b></p> </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="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 20 Inc.</b></b></p> </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;" valign="bottom"> <div style="text-align: center;"><b><b>California 19 Inc.</b></b></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;" valign="bottom"> <div style="text-align: center;"><b><b>California 20 Inc.</b></b></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 28%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: bold; text-indent: -18pt; margin-left: 18pt;">Total disbursements<br/> </p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">1,260</span><br/> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">1,260</span><br/> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">5,870</span><br/> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">5,870</span><br/> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 1260000 1260000 5870000 5870000 0 0 <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Recognition of Equity (loss)/gain in unconsolidated joint ventures of the 2020 Joint Venture for the years ended December 31, 2023, 2024 and 2025 are summarized below:</p><p style="font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>December 31, 2023</b></b></p> </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="6" style="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>December 31, 2024</b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"><b><b>December 31, 2025</b></b></td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 19</b> <b>Inc.</b></b></p> </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="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 20 Inc.</b></b></p> </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="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 19 Inc.</b></b></p> </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="border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 20 Inc.</b></b></p> </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;" valign="bottom"> <div style="text-align: center;"><b><b>California 19 Inc.</b></b></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;" valign="bottom"> <div style="text-align: center;"><b><b>California 20 Inc.</b></b></div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 28%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Net profit attributable to the Company</p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">399</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">400</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">509</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">467</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><span style="text-indent: 0pt;">16</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><span style="text-indent: 0pt;">188</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 28%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Amortization of Basis Differences</p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(<span style="text-indent: 0pt;">408</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(<span style="text-indent: 0pt;">409</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(<span style="text-indent: 0pt;">408</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(<span style="text-indent: 0pt;">409</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">(<span style="text-indent: 0pt;">188</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">(<span style="text-indent: 0pt;">189</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 28%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>Equity (loss)/gain in unconsolidated joint ventures<br/> </b></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><b>(<span style="text-indent: 0pt;">9</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><b>)</b></td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><b>(<span style="text-indent: 0pt;">9</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><b>)</b></td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><b><span style="text-indent: 0pt;">101</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><b><span style="text-indent: 0pt;">58</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(<span style="text-indent: 0pt;">172</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(<span style="text-indent: 0pt;">1</span></td> <td colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> </table> 399000 400000 509000 467000 16000 188000 408000 409000 408000 409000 188000 189000 -9000 -9000 101000 58000 -172000 -1000 <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: 27pt;"> <p style="font-variant: normal; margin: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">17.</em></b></p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-variant: normal; margin: 0pt;"><b>Revenues</b></p> </td> </tr> </table> </div> <p style="font-variant: normal; margin: 0pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Revenues are comprised of the following:</p><p style="font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b> <span style="text-indent: 0pt;">2023</span><br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b><span style="text-indent: 0pt;">2024</span><br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b><span style="text-indent: 0pt;">2025</span><br/> </b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Time charter revenues</p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">74,006</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">77,160</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">67,121</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; white-space: nowrap;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Time charter revenues from related party (Note 5)<br/> </p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">8,943</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">8,967</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">8,943</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 64%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">Time charter revenues from megayacht chartering<br/> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">4,351</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Total </b></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><b><span style="text-indent: 0pt;">82,949</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><b><span style="text-indent: 0pt;">86,127</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><b><span style="text-indent: 0pt;">80,415</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <p style="font-variant: normal; margin: 0pt;"> </p><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The Company typically enters into time charters for periods ranging between <span style="-sec-ix-hidden:Fact_8721b6d5b17c41dc8760ce8afb7cc922">three</span> to fifteen years which include a charterer’s option to renew for a further one or more one-year periods at predetermined daily rates. Due to the volatility of the charter rates, the Company only accounts for the options when the charterer gives notice that the option will be exercised. In a time charter contract, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. The charterer has the full discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carry only lawful or non-hazardous cargo. Revenues from megayacht chartering are recognized based on the same principles applicable to time charter revenues, as the underlying performance obligations and revenue recognition considerations are substantially similar. However, given the nature of the recreational marine transportation industry, charter agreements are generally of shorter duration, typically ranging from a few weeks to several months.</p> <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> <p style="font-variant: normal; margin: 0pt; 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; text-transform: none;"> </p> <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> <span style="font-family: 'Times New Roman'; font-variant: normal; color: #000000; 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;">As <span 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; 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;">of December 31, 2025, all of the Company’s vessels are employed under time charters except for M/Y Parra Bellvm.</span></span></span> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Revenues are comprised of the following:</p><p style="font-variant: normal; margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; width: 100%; border-spacing: 0;"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b> <span style="text-indent: 0pt;">2023</span><br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b><span style="text-indent: 0pt;">2024</span><br/> </b></b></p> </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;" valign="bottom"> </td> <td colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"> <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b><span style="text-indent: 0pt;">2025</span><br/> </b></b></p> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; background-color: #CCEEFF;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Time charter revenues</p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">74,006</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">77,160</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"><span style="text-indent: 0pt;">67,121</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%; white-space: nowrap;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Time charter revenues from related party (Note 5)<br/> </p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">8,943</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">8,967</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><span style="text-indent: 0pt;">8,943</span></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td rowspan="1" style="width: 64%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">Time charter revenues from megayacht chartering<br/> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">-</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"><span style="text-indent: 0pt;">4,351</span></td> <td colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 64%;" valign="bottom"> <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Total </b></p> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><b><span style="text-indent: 0pt;">82,949</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><b><span style="text-indent: 0pt;">86,127</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"><b><span style="text-indent: 0pt;">80,415</span></b></td> <td colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 74006000 77160000 67121000 8943000 8967000 8943000 0 0 4351000 82949000 86127000 80415000 P15Y 1 P1Y <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: 27pt;"> <p style="font-variant: normal; margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><b><em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">18.</em></b></p> </td> <td style="vertical-align: top; width: auto;"> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Segment Reporting</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span></div> </td> </tr> </table> </div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <p style="font-variant: normal; margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> </p> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';">Following the acquisition of M/Y Para Bellvm on April 11, 2025, the Company determined that it operated in two reportable segments: (i) the tanker segment and (ii) the megayacht segment. These reportable segments reflect the Company’s internal organization and the way its chief operating decision maker (“CODM”), who is the Chief Executive Officer of the Company, reviews and analyzes the operating results and allocates capital within the Company. The CODM assesses segment performance using key financial measures, including revenues, operating expenses, segment operating income and net income. These metrics help the CODM assess segment profitability, optimize fleet deployment, control costs and determine capital allocation. Based on these segment performance trends, the CODM makes resource allocation decisions such as adjusting asset acquisition strategies, adjusting chartering strategies, prioritizing fleet expansion or disposals, and optimizing cost efficiencies to enhance profitability and overall segment performance.<br/> <br/> Further, the transport of crude oil has different characteristics and the nature of trade, trading routes, charterers and cargo handling differ in important respects. The chartering of a megayacht like M/Y Para Bellvm consists of a different service and it does not have similar economic characteristics to the tanker segment. The Company does not disclose geographic information relating to either of our segments because when the Company charters either a tanker or M/Y Para Bellvm to a charterer, the charterer is free, subject to certain exemptions, to trade or, in the case of M/Y Para Bellvm travel, with the vessel worldwide and as a result the disclosure of geographic information is impracticable.<br/> </span></div> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';"><br/> The table below presents information about the Company’s reportable segments for the year ended December 31, 2025. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s consolidated financial statements. Segment results are evaluated based on income from operations.<br/> <br/> </span></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="10" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Year ended December 31, 2025</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; 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'; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Tanker Segment</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Megayacht Segment</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Total</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">REVENUES:</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Time charter revenues</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; 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'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>67,121</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; 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'; 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'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>4,351</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; 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'; 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'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>71,472</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;" valign="bottom"> <div style="text-align: justify;">Time charter revenues from related parties</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>8,943</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>-</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>8,943</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Total revenues</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; 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="font-family: 'Times New Roman'; font-size: 10pt; 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="font-weight: bold;">76,064</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; 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="font-family: 'Times New Roman'; font-size: 10pt; 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="font-weight: bold;">4,351</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; 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="font-family: 'Times New Roman'; font-size: 10pt; 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="font-weight: bold;">80,415</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; 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: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">EXPENSES:</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify;">Voyage expenses</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>1,594</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>907</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>2,501</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;" valign="bottom"> <div style="text-align: justify;">Operating lease expenses</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>10,301</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>-</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>10,301</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify;">Other vessel operating expenses</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>17,082</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>1,313</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>18,395</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;" valign="bottom"> <div style="text-align: justify;">Vessel depreciation</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>11,586</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>685</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>12,271</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify;">Management fees-related parties-direct</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>1,734</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>178</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>1,912</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Segments operating results</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">33,767</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">1,268</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">35,035</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify;">General and administrative expenses</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>(7,617</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;" valign="bottom"> <div style="text-align: justify;">Management fees-related parties-overhead costs<br/> </div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>(1,138</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify;">Interest and finance costs</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>(23,406</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;" valign="bottom"> <div style="text-align: justify;">Interest income</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>385</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify;">Equity losses in unconsolidated joint ventures</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>(173</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Net income</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">3,086</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';"><br/> </span></div> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';">A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets as of December 31, 2025 is as follows:<br/> <br/> </span></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;">As of December 31, 2025</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Tanker segment</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>246,582</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%;" valign="bottom"> <div style="text-align: justify;">Megayacht segment</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">44,919</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Cash and cash equivalents including restricted cash</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>22,222</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%;" valign="bottom"> <div style="text-align: justify;">Investments in unconsolidated joint ventures</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">7,881</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Advances for asset acquisitions to related parties</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">11,500</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%;" valign="bottom"> <div style="text-align: justify;">Other fixed assets, net</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">505</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Total consolidated assets</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">333,609</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 2 <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';"><br/> The table below presents information about the Company’s reportable segments for the year ended December 31, 2025. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s consolidated financial statements. Segment results are evaluated based on income from operations.<br/> <br/> </span></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="10" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Year ended December 31, 2025</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; 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'; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Tanker Segment</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Megayacht Segment</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Total</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">REVENUES:</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Time charter revenues</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; 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'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>67,121</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; 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'; 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'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>4,351</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; 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'; 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'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>71,472</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;" valign="bottom"> <div style="text-align: justify;">Time charter revenues from related parties</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>8,943</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>-</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>8,943</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Total revenues</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; 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="font-family: 'Times New Roman'; font-size: 10pt; 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="font-weight: bold;">76,064</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; 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="font-family: 'Times New Roman'; font-size: 10pt; 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="font-weight: bold;">4,351</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; 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="font-family: 'Times New Roman'; font-size: 10pt; 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="font-weight: bold;">80,415</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; 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: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">EXPENSES:</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify;">Voyage expenses</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>1,594</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>907</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>2,501</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;" valign="bottom"> <div style="text-align: justify;">Operating lease expenses</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>10,301</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>-</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>10,301</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify;">Other vessel operating expenses</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>17,082</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>1,313</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>18,395</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;" valign="bottom"> <div style="text-align: justify;">Vessel depreciation</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>11,586</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>685</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>12,271</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify;">Management fees-related parties-direct</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>1,734</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>178</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>1,912</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Segments operating results</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">33,767</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">1,268</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">35,035</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify;">General and administrative expenses</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>(7,617</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;" valign="bottom"> <div style="text-align: justify;">Management fees-related parties-overhead costs<br/> </div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>(1,138</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify;">Interest and finance costs</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>(23,406</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;" valign="bottom"> <div style="text-align: justify;">Interest income</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>385</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify;">Equity losses in unconsolidated joint ventures</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>(173</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div>)</div> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Net income</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold;">3,086</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 67121000 4351000 71472000 8943000 0 8943000 76064000 4351000 80415000 1594000 907000 2501000 10301000 0 10301000 17082000 1313000 18395000 11586000 685000 12271000 1734000 178000 1912000 33767000 1268000 35035000 7617000 1138000 23406000 385000 -173000 3086000 <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';">A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets as of December 31, 2025 is as follows:<br/> <br/> </span></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;">As of December 31, 2025</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Tanker segment</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>246,582</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%;" valign="bottom"> <div style="text-align: justify;">Megayacht segment</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">44,919</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Cash and cash equivalents including restricted cash</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>22,222</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%;" valign="bottom"> <div style="text-align: justify;">Investments in unconsolidated joint ventures</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">7,881</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Advances for asset acquisitions to related parties</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">11,500</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; 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: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%;" valign="bottom"> <div style="text-align: justify;">Other fixed assets, net</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">505</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify;">Total consolidated assets</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">333,609</div> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 246582000 44919000 22222000 7881000 11500000 505000 333609000 <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: 27pt;"> <p style="font-variant: normal; margin: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">19.</em></b></p> </td> <td style="align: left; vertical-align: top; width: auto;"> <p style="font-variant: normal; margin: 0pt;"><b>Subsequent Events</b></p> </td> </tr> </table> </div> <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"> </p> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">On February 18, 2026, the Company entered into a share purchase agreement (the “Tanker SPA”) with Central Mare, a related party affiliated with Mr. Evangelos J. Pistiolis, to purchase the shares of certain entities (the “Tanker SPVs”) that have entered into shipbuilding contracts, dated February 3, 2026, with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the purchase of nine 47,499 dwt <span style="font-size: 10pt; font-family: 'Times New Roman';">MR Product tankers</span> (the “Newbuilding Tankers”). The Newbuilding Tankers are scheduled for delivery during 2028 and 2029. The purchase price for all of the Tanker SPVs is $41,093 of which $6,000 was paid in cash upon the execution of the Tanker SPA,<span style="font-size: 10pt; font-family: 'Times New Roman';"> $1,500 was paid in cash in March, 2026, $14,000 was settled through the issuance of 14,000 Series G Preferred Shares (see Note 9) on March 31, 2026, and the remaining amount of $19,593, is payable no later than April 15, 2026. As contemplated in the Tanker SPA, u</span>nder certain circumstances Central Mare can demand the payment of installments in the form of newly-issued Series G Preferred Shares. The seller has also secured time charter employment with a major oil trader for all nine vessels, starting from their delivery and for a firm duration of seven years, with charterer’s option to extend for <span style="-sec-ix-hidden:Fact_3eb0f40c2d924b7ea037aa53022ec45c">four</span> additional years.<span style="font-size: 10pt; font-family: 'Times New Roman';"> As a condition to closing of the acquisition of the Tanker SPVs, Central Mare has arranged for  sale and leaseback financing agreements that the Company has entered into in March 9, 2026 and March 18, 2026 </span>with two major Chinese leasing companies. The financings are for an amount of 85% of all installments payable under the shipbuilding contracts for the nine newbuilding tanker vessels. The aggregate amount of installments payable under the nine shipbuilding contracts is $406,800<span style="font-size: 10pt; font-family: 'Times New Roman';">, out of which an amount of $61,020 is settled as of the date of issuance of these consolidated financial statements.</span> The financings bear an interest rate of <span style="-sec-ix-hidden:Fact_27d22f91762c48e0b29ad9f4899ae363">Term SOFR</span> plus a margin of 1.80%. Under the financings, upon delivery of each vessel we expect to make quarterly installment payments of $506 per vessel over a period of 10 years with a balloon payment of $18,200 million for each vessel payable together with the last installment.</div> <div><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">As of March 31, 2026, the SPA for the sale of Newbuilding Yacht has been consummated and the Newbuilding Yacht has been transferred to Rubico Inc. In 2026 Rubico has made additional advance payments of $9,000 and, accordingly, has settled $28,500 of the Newbuilding Yacht Consideration.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">From February 24, 2026 up to March 12, 2026 the Company sold 804,322 common shares under the 2024 ATM for net proceeds of $3,918.</div> 9 47499 41093000 6000000 1500000 14000000 14000 19593000 9 P7Y 2 0.85 9 9 406800000 61020000 0.018 quarterly 506000 P10Y 18200000 9000000 28500000 804322 3918000