8.

Long-Term Bank Loans

(a)

On June 20, 2023, the Company signed a term loan facility with Hamburg Commercial Bank AG. and a loan of $14,000,000 was drawn by Kamsarmax Two Shipping Ltd. on June 23, 2023 to replenish cash used to repay the vessel’s previous indebtedness and for working capital purposes. The loan is payable in sixteen consecutive quarterly installments of $240,000 each commencing from September 2023, with a $10,160,000 balloon payment to be paid together with the last installment in June 2027. The loan bears interest at term Secured Overnight Financing Rate (“term SOFR”) plus a margin of 2.50%. The loan is secured with (i) first priority mortgage over M/V “Ekaterini”, (ii) first assignment of earnings and insurance of M/V "Ekaterini" and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 125%. The Company paid loan arrangement fees of $126,000 for this loan.

(b)

On November 12, 2024, the Company signed a term loan facility with Eurobank S.A. for an amount of up to $30,000,000, in order to refinance the then existing indebtedness of M/V “Xenia” and M/V “Alexandros P.”, amounting to $19,200,000 as of the date of refinancing, and for working capital purposes. The loan is payable in twenty-four consecutive quarterly instalments of $625,000 each, followed by a balloon payment of $15,000,000 to be paid together with the last installment in November 2030. A margin of 0.65% above SOFR is applicable to the portion of the loan equivalent to the Company’s aggregate deposits held in a cash collateral account in favor of the lender, whereas the margin applicable on the remaining part of the loan outstanding amounts to 1.90% above SOFR. The loan is secured with the following: (i) first priority mortgages over M/V “Xenia” and M/V “Alexandros P.”, (ii) first assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 120%. The Company paid loan arrangement fees of $175,000 for this loan.

(c)

On February 22, 2021, the Company signed a term loan facility with Sinopac Capital International (HK) Limited for an amount of up to $5,000,000, in order to refinance the existing indebtedness of M/V “Eirini P”, amounting to $3,300,000 as of the date of the refinancing, and for working capital purposes. An aggregate amount of $5,000,000 was drawn on February 24, 2021 by Eirini Shipping Ltd. as the borrower. The loan was payable in twenty consecutive quarterly instalments of $210,000each, followed by a balloon payment of $800,000 to be paid together with the last installment in February 2026. The loan bore interest at SOFR plus credit adjustment spread plus a margin of 3.60%. On September 18, 2025, the Company prepaid in connection with the sale of the vessel the full amount of outstanding indebtedness amounting to $1,220,000 by using own funds.

(d)

On October 15, 2024, the Company signed a term loan facility with the National Bank of Greece S.A. (“NBG”) and a loan of $18,000,000 was drawn by Light Shipping Ltd. and Good Heart Shipping Ltd. in order to refinance the then existing indebtedness of M/V “Starlight” and M/V “Good Heart”, amounting to $12,800,000 as of the date of refinancing, and for working capital purposes. The loan is payable in twenty consecutive quarterly instalments of $450,000 each, followed by a balloon payment of $9,000,000 to be paid together with the last installment in October 2029. The loan bears interest at SOFR plus a margin of 2.0%. The loan is secured with the following: (i) first priority mortgages over M/V “Starlight” and M/V “Good Heart”, (ii) first assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 125%. The Company paid loan arrangement fees of $180,000 for this loan.

(e)

On August 12, 2021, the Company signed a term loan facility with Piraeus Bank S.A. and drew a loan of $8,000,000 for Blessed Luck Shipowners Ltd., in order to post-delivery finance part of the acquisition cost of M/V “Blessed Luck”. The loan was payable in twelve consecutive quarterly instalments, the first four in the amount of $750,000 each and the next eight in the amount of $250,000 each, followed by a balloon payment of $3,000,000 to be paid together with the last installment in August 2024. The loan bore interest at SOFR plus credit adjustment spread plus a margin. A margin of 0.90% above SOFR was applicable to the portion of the loan equivalent to the Company’s aggregate deposits held in an account with the lender and pledged in favor of the lender, whereas the margin applicable on the remaining part of the loan outstanding amounted to 2.70% above SOFR. The loan is secured with the following: (i) first priority mortgage over M/V “Blessed Luck”, (ii) first assignment of earnings and insurance of the abovementioned vessel and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 125%.

(f)

On September 30, 2022, the Company signed a term loan facility with Piraeus Bank S.A. and a loan of $20,000,000 was drawn by Molyvos Shipping Ltd. and Santa Cruz Shipowners Ltd. in order to post-delivery finance part of the acquisition cost of M/V “Molyvos Luck and M/V “Santa Cruz”. The loan was payable in twenty consecutive quarterly installments, the first four instalments in the amount of $975,000 each and the next sixteen in the amount of $525,000 each, followed by a balloon instalment of $7,700,000, payable together with the last instalment in September 2027. The loan bore interest at term SOFR plus a margin. A margin of 0.90% above SOFR was applicable to the portion of the loan equivalent to the Company’s aggregate deposits held in an account with the lender and pledged in favor of the lender, whereas the margin applicable on the remaining part of the loan outstanding amounted to 2.25% above SOFR. The loan is secured with the following: (i) first priority mortgages over M/V “Molyvos Luck” and M/V “Santa Cruz”, (ii) first assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 125%.

(g)

On October 12, 2023, the Company signed a term loan facility with Eurobank S.A. and a loan of $10,500,000 was drawn by Yannis Navigation Ltd. in order to finance part of the acquisition cost of M/V “Yannis Pittas”. The loan was payable in twenty four consecutive quarterly installments, of $250,000, followed by a balloon instalment of $4,500,000, payable together with the last instalment. The loan bore interest at term SOFR plus a margin. A margin of 1.00% above SOFR was applicable to the portion of the loan equivalent to the Company’s aggregate deposits held in a cash collateral account in favor of the lender, whereas the margin applicable on the remaining part of the loan outstanding amounted to 2.00% above SOFR.

(h)

On October 23, 2023, the Company signed a term loan facility with Eurobank S.A. and a loan of $22,000,000 was drawn by Christos Ultra LP. and Maria Ultra LP. in order to finance part of the acquisition cost of M/V “Christos K” and M/V “Maria”. The loan is payable in twenty four consecutive quarterly installments, of $500,000, followed by a balloon instalment of $10,000,000, payable together with the last instalment. The loan bears interest at term SOFR plus a margin. A margin of 1.00% above SOFR is applicable to the portion of the loan equivalent to the Company’s aggregate deposits held in a cash collateral account in favor of the lender, whereas the margin applicable on the remaining part of the loan outstanding amounts to 2.10% above SOFR. The loan is secured with the following: (i) first priority mortgages over M/V “Christos K” and M/V “Maria”, (ii) first assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 120%. The Company paid loan arrangement fees of $165,000 for this loan.

(i)