0001943421 2026-01-01 2026-06-30 0001943421 2025-12-31 0001943421 2026-06-30 0001943421 us-gaap:SeriesDPreferredStockMember 2025-12-31 0001943421 us-gaap:SeriesDPreferredStockMember 2026-06-30 0001943421 2025-01-01 2025-06-30 0001943421 us-gaap:RelatedPartyMember 2025-01-01 2025-06-30 0001943421 us-gaap:RelatedPartyMember 2026-01-01 2026-06-30 0001943421 us-gaap:CommonStockMember 2025-12-31 0001943421 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0001943421 us-gaap:PreferredStockMember 2025-12-31 0001943421 us-gaap:RetainedEarningsMember 2025-12-31 0001943421 us-gaap:RetainedEarningsMember 2024-12-31 0001943421 2024-12-31 0001943421 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001943421 rubi:NetParentInvestmentMember 2024-12-31 0001943421 us-gaap:RetainedEarningsMember 2026-01-01 2026-06-30 0001943421 us-gaap:RetainedEarningsMember 2025-01-01 2025-06-30 0001943421 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-01-01 2026-06-30 0001943421 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-06-30 0001943421 rubi:NetParentInvestmentMember 2025-01-01 2025-06-30 0001943421 us-gaap:CommonStockMember 2026-01-01 2026-06-30 0001943421 us-gaap:PreferredStockMember 2026-01-01 2026-06-30 0001943421 us-gaap:PreferredStockMember 2026-06-30 0001943421 us-gaap:AdditionalPaidInCapitalMember 2026-06-30 0001943421 us-gaap:RetainedEarningsMember 2025-06-30 0001943421 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-06-30 0001943421 us-gaap:CommonStockMember 2026-06-30 0001943421 us-gaap:RetainedEarningsMember 2026-06-30 0001943421 2025-06-30 0001943421 rubi:NetParentInvestmentMember 2025-06-30 0001943421 rubi:AtheneanEmpireIncMember 2026-06-30 0001943421 rubi:RomanEmpireIncMember 2026-06-30 0001943421 rubi:MTEcoMalibuMember 2026-01-01 2026-06-30 0001943421 rubi:MTEcoWestCoastMember 2026-01-01 2026-06-30 0001943421 us-gaap:SeriesDPreferredStockMember us-gaap:PreferredStockMember 2026-01-01 2026-06-30 0001943421 rubi:RomanEmpireIncMember 2026-01-01 2026-06-30 0001943421 rubi:AtheneanEmpireIncMember 2026-01-01 2026-06-30 0001943421 rubi:RomanExplorerIncMember 2026-01-01 2026-06-30 0001943421 rubi:RomanSharkIXIncMember 2026-01-01 2026-06-30 0001943421 rubi:TopShipsIncMember rubi:MYSanlorenzoMember 2025-12-04 2025-12-04 0001943421 rubi:RomanExplorerIncMember rubi:MYSanlorenzoMember 2025-01-01 2025-12-31 0001943421 rubi:TopShipsIncMember rubi:MYSanlorenzoMember 2025-12-31 0001943421 rubi:TopShipsIncMember rubi:MYSanlorenzoMember 2026-01-01 2026-06-30 0001943421 rubi:TopShipsIncMember rubi:MYSanlorenzoMember 2025-12-31 2025-12-31 0001943421 rubi:CentralShippingIncMember 2026-01-01 2026-06-30 0001943421 rubi:MYSanlorenzoMember 2026-03-31 0001943421 rubi:NewbuildingChemicalProductOilCarrierMember 2026-03-18 2026-03-18 0001943421 rubi:RomanSharkIXIncMember 2026-03-18 2026-03-18 0001943421 us-gaap:SeriesGPreferredStockMember 2026-03-18 2026-03-18 0001943421 rubi:TrafiguraMaritimeLogisticsPteLtdMember rubi:NewbuildingChemicalProductOilCarrierMember 2026-01-01 2026-06-30 0001943421 rubi:TrafiguraMaritimeLogisticsPteLtdMember rubi:NewbuildingChemicalProductOilCarrierMember 2026-06-30 0001943421 rubi:AgriculturalBankOfChinaFinancialLeasingFacilityMember 2026-03-09 0001943421 rubi:ContractualCommitmentsToShipyardForNewbuildingMrTankerMember 2026-03-09 0001943421 rubi:AgriculturalBankOfChinaFinancialLeasingFacilityMember 2026-01-01 2026-06-30 0001943421 rubi:ContractualCommitmentsToShipyardForNewbuildingYachtMember 2026-06-30 0001943421 rubi:TopShipsIncMember rubi:ContractualCommitmentsForAcquisitionOfSecondShipbuildingSVPMember us-gaap:RelatedPartyMember us-gaap:SubsequentEventMember 2026-07-13 0001943421 rubi:TopShipsIncMember rubi:ContractualCommitmentsForAcquisitionOfThirdShipbuildingSVPMember us-gaap:RelatedPartyMember us-gaap:SubsequentEventMember 2026-07-27 0001943421 rubi:ContractualCommitmentsToShipyardForNewbuildingYachtMember us-gaap:SubsequentEventMember 2026-07-15 0001943421 rubi:TopShipsIncMember rubi:ContractualCommitmentsForAcquisitionOfSecondShipbuildingSVPMember us-gaap:RelatedPartyMember us-gaap:SubsequentEventMember 2026-08-14 0001943421 rubi:TopShipsIncMember rubi:ContractualCommitmentsForAcquisitionOfThirdShipbuildingSVPMember us-gaap:RelatedPartyMember us-gaap:SubsequentEventMember 2026-08-14 0001943421 rubi:VesselsMember 2025-12-31 0001943421 rubi:VesselsMember 2026-06-30 0001943421 rubi:VesselsMember 2026-01-01 2026-06-30 0001943421 rubi:CentralMareIncMember us-gaap:RelatedPartyMember 2026-06-30 0001943421 rubi:CentralMareIncMember us-gaap:RelatedPartyMember 2025-12-31 0001943421 rubi:CentralMareIncMember us-gaap:RelatedPartyMember 2026-01-01 2026-06-30 0001943421 rubi:CentralMareIncMember us-gaap:RelatedPartyMember 2025-01-01 2025-06-30 0001943421 rubi:CentralShippingIncMember us-gaap:RelatedPartyMember 2020-05-28 2020-05-28 0001943421 rubi:CentralShippingIncMember us-gaap:RelatedPartyMember 2026-03-19 2026-03-31 0001943421 rubi:CentralShippingIncMember rubi:HullNo25110062Member us-gaap:RelatedPartyMember 2026-03-18 0001943421 rubi:CentralShippingIncMember rubi:MYSanlorenzoMember us-gaap:RelatedPartyMember 2026-03-31 0001943421 rubi:CentralShippingIncMember rubi:MTEcoWestCoastMember us-gaap:RelatedPartyMember 2020-05-28 0001943421 rubi:CentralShippingIncMember rubi:MTEcoMalibuMember us-gaap:RelatedPartyMember 2020-05-28 0001943421 rubi:CentralShippingIncMember us-gaap:RelatedPartyMember 2026-01-01 2026-06-30 0001943421 srt:MinimumMember 2026-01-01 2026-06-30 0001943421 srt:MaximumMember 2026-01-01 2026-06-30 0001943421 rubi:CentralShippingIncMember us-gaap:RelatedPartyMember 2026-06-30 0001943421 rubi:CentralShippingIncMember us-gaap:RelatedPartyMember 2025-12-31 0001943421 rubi:CentralShippingIncMember rubi:ManagementFeesRelatedPartiesMember us-gaap:RelatedPartyMember 2025-01-01 2025-06-30 0001943421 rubi:CentralShippingIncMember rubi:ManagementFeesRelatedPartiesMember us-gaap:RelatedPartyMember 2026-01-01 2026-06-30 0001943421 rubi:CentralShippingIncMember rubi:VoyageExpensesMember us-gaap:RelatedPartyMember 2026-01-01 2026-06-30 0001943421 rubi:CentralShippingIncMember rubi:VoyageExpensesMember us-gaap:RelatedPartyMember 2025-01-01 2025-06-30 0001943421 rubi:CentralShippingIncMember rubi:VesselOperatingExpensesMember us-gaap:RelatedPartyMember 2025-01-01 2025-06-30 0001943421 rubi:CentralShippingIncMember rubi:VesselOperatingExpensesMember us-gaap:RelatedPartyMember 2026-01-01 2026-06-30 0001943421 rubi:CentralShippingIncMember us-gaap:RelatedPartyMember rubi:CurrentPortionAndNonCurrentPortionOfLongTermDebtMember 2026-01-01 2026-06-30 0001943421 rubi:CentralShippingIncMember us-gaap:RelatedPartyMember rubi:CurrentPortionAndNonCurrentPortionOfLongTermDebtMember 2025-01-01 2025-06-30 0001943421 rubi:CentralShippingIncMember us-gaap:RelatedPartyMember rubi:CapitalizedInAdvancesForVesselsUnderConstructionMember 2026-01-01 2026-06-30 0001943421 rubi:CentralShippingIncMember us-gaap:RelatedPartyMember rubi:CapitalizedInAdvancesForVesselsUnderConstructionMember 2025-01-01 2025-06-30 0001943421 rubi:CentralShippingIncMember us-gaap:RelatedPartyMember 2025-01-01 2025-06-30 0001943421 rubi:ClearlakeShippingPteLtdMember 2026-01-01 2026-06-30 0001943421 rubi:TrafiguraMaritimeLogisticsPteLtdMember rubi:NewbuildingChemicalProductOilCarrierMember 2026-06-30 0001943421 rubi:VesselsInOperationMember 2026-06-30 0001943421 us-gaap:AssetUnderConstructionMember 2026-06-30 0001943421 rubi:NewHuarongFacilityMember 2026-01-01 2026-06-30 0001943421 rubi:NewHuarongFacilityMember 2025-12-31 0001943421 rubi:AgriculturalBankOfChinaFinancialLeasingFacilityMember 2026-06-30 0001943421 rubi:AgriculturalBankOfChinaFinancialLeasingFacilityMember 2025-12-31 0001943421 rubi:NewHuarongFacilityMember 2026-06-30 0001943421 2026-03-09 0001943421 rubi:ContractualCommitmentsToShipyardForNewbuildingMrTankerMember 2026-06-30 0001943421 rubi:ContractualCommitmentsToShipyardForThirdNewbuildingMrTankerMember us-gaap:SubsequentEventMember 2026-07-27 0001943421 rubi:ContractualCommitmentsToShipyardForSecondNewbuildingMrTankerMember us-gaap:SubsequentEventMember 2026-07-13 0001943421 2026-04-09 2026-04-09 0001943421 2025-12-02 2025-12-02 0001943421 2026-02-12 2026-02-12 0001943421 2026-06-26 2026-06-26 0001943421 us-gaap:CommonStockMember rubi:EquityLinePurchaseAgreementMember 2026-01-01 2026-06-30 0001943421 rubi:EquityLinePurchaseAgreementMember 2026-01-01 2026-06-30 0001943421 us-gaap:SubsequentEventMember rubi:EquityLinePurchaseAgreementMember 2026-07-20 0001943421 us-gaap:CommonStockMember us-gaap:SubsequentEventMember rubi:EquityLinePurchaseAgreementMember 2026-07-20 0001943421 rubi:January2026OfferingMember 2026-01-09 0001943421 us-gaap:CommonStockMember rubi:January2026OfferingMember 2026-01-09 0001943421 rubi:ClassBWarrantsMember rubi:January2026OfferingMember 2026-01-09 0001943421 rubi:PreFundedWarrantsMember us-gaap:CommonStockMember rubi:January2026OfferingMember 2026-01-09 0001943421 rubi:PlacementAgentWarrantsMember rubi:January2026OfferingMember 2026-01-09 0001943421 rubi:January2026OfferingMember 2026-01-09 2026-01-09 0001943421 rubi:January2026OfferingMember 2026-01-01 2026-06-30 0001943421 rubi:EquityLinePurchaseAgreement2026Member 2026-04-20 0001943421 us-gaap:CommonStockMember rubi:EquityLinePurchaseAgreement2026Member 2026-01-01 2026-06-30 0001943421 rubi:EquityLinePurchaseAgreement2026Member 2026-01-01 2026-06-30 0001943421 rubi:May2026OfferingMember 2026-05-21 0001943421 rubi:ClassCWarrantsMember rubi:May2026OfferingMember 2026-05-21 0001943421 us-gaap:CommonStockMember rubi:May2026OfferingMember 2026-05-21 0001943421 rubi:PreFundedWarrantsMember us-gaap:CommonStockMember rubi:May2026OfferingMember 2026-05-21 0001943421 rubi:PlacementAgentWarrantsMember rubi:May2026OfferingMember 2026-05-21 0001943421 rubi:May2026OfferingMember 2026-05-21 2026-05-21 0001943421 rubi:ClassCWarrantsMember 2026-06-12 0001943421 rubi:ClassCWarrantsMember 2026-05-21 0001943421 rubi:ClassDWarrantsMember 2026-06-12 0001943421 rubi:ClassCWarrantsMember 2026-06-12 2026-06-12 0001943421 us-gaap:CommonStockMember 2026-06-12 2026-06-12 0001943421 us-gaap:ConvertiblePreferredStockMember 2026-01-01 2026-06-30 0001943421 rubi:SharePurchaseAgreementRelatedToNewbuildingMRSPAMember 2026-03-18 2026-03-18 0001943421 srt:MaximumMember us-gaap:SeriesGPreferredStockMember 2026-06-30 0001943421 srt:MinimumMember us-gaap:SeriesGPreferredStockMember 2026-06-30 0001943421 us-gaap:SeriesGPreferredStockMember 2026-06-30 0001943421 us-gaap:SeriesGPreferredStockMember 2026-01-01 2026-06-30 0001943421 rubi:ThirdNewbuildingChemicalProductOilCarrierMember us-gaap:SubsequentEventMember 2026-07-27 2026-07-27 0001943421 rubi:SecondNewbuildingChemicalProductOilCarrierMember us-gaap:SubsequentEventMember 2026-07-13 2026-07-13 0001943421 rubi:TrafiguraMaritimeLogisticsPteLtdMember rubi:SecondNewbuildingChemicalProductOilCarrierMember us-gaap:SubsequentEventMember 2026-07-13 2026-07-13 0001943421 rubi:TrafiguraMaritimeLogisticsPteLtdMember rubi:ThirdNewbuildingChemicalProductOilCarrierMember us-gaap:SubsequentEventMember 2026-07-27 2026-07-27 0001943421 rubi:TrafiguraMaritimeLogisticsPteLtdMember rubi:SecondNewbuildingChemicalProductOilCarrierMember us-gaap:SubsequentEventMember 2026-07-13 0001943421 rubi:TrafiguraMaritimeLogisticsPteLtdMember rubi:ThirdNewbuildingChemicalProductOilCarrierMember us-gaap:SubsequentEventMember 2026-07-27 0001943421 rubi:SecondNewbuildingChemicalProductOilCarrierMember us-gaap:SubsequentEventMember 2026-07-13 0001943421 us-gaap:SubsequentEventMember 2026-07-27 0001943421 rubi:ThirdNewbuildingChemicalProductOilCarrierMember us-gaap:SubsequentEventMember 2026-07-27 0001943421 us-gaap:SubsequentEventMember rubi:EquityLinePurchaseAgreement2026Member 2026-07-01 2026-07-31 0001943421 us-gaap:SubsequentEventMember rubi:EquityLinePurchaseAgreementMember 2026-07-01 2026-07-31 0001943421 us-gaap:SubsequentEventMember rubi:EquityDistributionAgreementMember 2026-08-05 iso4217:USD iso4217:USD shares shares pure rubi:Vessel utr:t rubi:Segment iso4217:EUR rubi:Agreement rubi:Company 6-K false 2026-06-30 --12-31 Rubico Inc. 0001943421 http://fasb.org/us-gaap/2025#RelatedPartyMember http://fasb.org/us-gaap/2025#RelatedPartyMember 2020-02 2020-02 2029-12 2027-06 P4Y http://rubicoinc.com./20260630#TermSecuredOvernightFinancingRateMember http://rubicoinc.com./20260630#TermSecuredOvernightFinancingRateMember P4Y 0.1 0.033 0.128 0.04 1.5 1.5 P20D P4Y P4Y 2021-03 2021-05 2023-09 2026-01 3964000 10660000 788000 361000 1024000 328000 1078000 1833000 194000 260000 7048000 13442000 106189000 104100000 0 31361000 106189000 135461000 19500000 0 432000 0 900000 900000 20832000 900000 134069000 149803000 4345000 4347000 2835000 3828000 736000 1633000 2088000 2031000 10004000 11839000 77937000 81420000 0 84000 330000 1104000 78267000 82608000 88271000 94447000 0.01 0.01 20000000 20000000 0 0 4236 4236 0 4871000 0 4871000 0.01 0.01 20000000 20000000 100000 100000 1000 1000 0.01 0.01 1000000000 1000000000 1542 1542 605012 605012 0 6000 14036000 20415000 0 238000 31761000 29825000 45798000 50485000 134069000 149803000 11970000 9674000 149000 129000 244000 707000 0 19000 2352000 2224000 0 2633000 2089000 2089000 288000 423000 0 57000 253000 663000 6744000 935000 2768000 2159000 0 132000 -2768000 -2027000 3976000 -1092000 0 635000 0 183000 0 26000 3976000 -1936000 76461.53 76461.53 -18.64 -18.64 3976000 -1092000 0 -165000 3976000 -1257000 3066000 31049000 34115000 0 3976000 3976000 -3066000 -1988000 -5054000 0 33037000 33037000 0 0 100000 1000 1542 0 14036000 0 31761000 45798000 0 0 -1092000 -1092000 0 0 -24335000 403000 0 -23932000 0 0 0 -165000 0 -165000 4236 4236000 635000 0 0 0 0 635000 635000 0 0 0 0 183000 183000 0 0 1806000 0 0 1806000 0 22 0 0 0 0 0 0 0 0 0 26000 26000 0 0 26000 0 0 26000 0 603492 6000 32494000 0 0 32500000 4236 4871000 100000 1000 605012 6000 20415000 238000 29825000 50485000 6614000 4089000 0 12704000 0 -12704000 5054000 0 0 5763000 2200000 2250000 0 108000 0 32500000 0 1916000 0 183000 0 18495000 -7254000 15311000 -640000 6696000 2161000 4864000 1521000 11560000 521000 10660000 1000000 900000 2651000 2089000 0 98000 0 230000 0 4236000 <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: 25.5pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">1.</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Basis of Presentation and General Information</div> </td> </tr> </table> <div> <br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Rubico Inc. (“Rubico”) was formed by Top Ships Inc. (the “Former Parent”) on August 11, 2022 under the laws of the Republic of the Marshall Islands to serve as the holding company of Roman Empire Inc. and Athenean Empire Inc. The Former Parent contributed to Rubico Inc. its 100% interest in Roman Empire Inc. and Athenean Empire Inc. that own two 157,000 dwt Suezmax tankers, the M/T Eco West Coast and the M/T Eco Malibu, built in March and May 2021, respectively. Both vessels are time chartered to Clearlake Shipping Pte Ltd.</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The contribution was completed on August 1, 2025 (spin-off date) and 52 Common Shares and 100,000 from a new series of preferred shares, the Series D Preferred shares (the “Spin-off”) were issued. The contribution of Common Shares was pro rata to the beneficial holders of the Former Parent’s outstanding common shares and to beneficial holders of the Former Parent’s outstanding common stock purchase warrants on an as-exercised basis as of June 16, 2025, the record date of the Spin-Off. 100,000 Series D perpetual Preferred shares were contributed to the holder of the Series D perpetual preferred shares (the “Series D preferred shares”) of the Former Parent to mirror the rights of the Series D preferred shares of the Former Parent. The holder of the Series D preferred shares of the Former Parent is the Lax Trust, which is an irrevocable trust established for the benefit of certain family members of the President, Chief Executive Officer and Director of the Former Parent, Mr. Evangelos J. Pistiolis.</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The accompanying interim unaudited condensed consolidated financial statements include the accounts of Rubico Inc. and its subsidiaries (collectively, the “Company”). Roman Empire Inc. and Athenean Empire Inc. have been accounted for using the historical carrying costs of their assets and liabilities from their dates of incorporation. For periods up to August 1, 2025, the accompanying unaudited interim condensed consolidated financial statements reflect the financial position and results of the carve-out operations of Roman Empire Inc., Athenean Empire Inc. and Rubico.</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company is a global provider of shipping transportation services specializing in the ownership and operation of tanker vessels.</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s vessels are managed by Central Shipping Inc. (“CSI”), a related party affiliated with the family of Evangelos J. Pistiolis, the Former Parent’s Chief Executive Officer, Director and President.<br/> </div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2026, the Company was the sole owner of all outstanding shares of the following subsidiary companies:</div> <div style="font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt; white-space: nowrap;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Wholly owned Shipowning Companies (“SPC”)</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">during six month period ended June 30, 2026</div> </td> <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap; text-align: center;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Date of</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap; text-align: center;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Country of</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Vessel</div> </td> <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Delivery Date</div> </td> </tr> <tr> <td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: left;"> <div style="font-family: 'Times New Roman'; font-style: italic;">Roman Empire Inc.</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic;"><span style="-sec-ix-hidden:Fact_e184cae1218c492982577560e91b0e0e">February 2020</span> </div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic;">Marshall Islands</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: center; white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-style: italic;">Eco West Coast</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic;"><span style="-sec-ix-hidden:Fact_d2dec7d15b484c60ae4442ebad99df1e">March 2021</span> </div> </td> </tr> <tr> <td style="width: 32%; vertical-align: bottom; font-size: 10pt; text-align: left;"> <div style="font-family: 'Times New Roman'; font-style: italic;">Athenean Empire Inc.</div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic;"><span style="-sec-ix-hidden:Fact_da1a3d2c57f5480a8b899f5f68191ea6">February 2020</span> </div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic;">Marshall Islands</div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic;">Eco Malibu</div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic;"><span style="-sec-ix-hidden:Fact_8f7d823495e84352a97db43f81447717">May 2021</span> </div> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 32%; vertical-align: top; font-size: 10pt; white-space: nowrap; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: left; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Wholly owned SPCs with vessels under construction</div> <div style="text-align: left; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">during the period ended June 30, 2026</div> </td> <td style="width: 17%; vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Date of</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 17%; vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Country of</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Vessel</div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Delivery Date</div> </td> </tr> <tr> <td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: left;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;">Roman Explorer Inc.</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: center; white-space: nowrap;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;"><span style="-sec-ix-hidden:Fact_15cd526c4c054d53993c642049b03c7f">September 2023</span></div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: center; white-space: nowrap;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;">Marshall Islands</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: center;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;">Hull No 158</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: center;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;"><span style="-sec-ix-hidden:Fact_d6c276f1778f4ba78a1bf057b0869b79">Q2 2027</span></div> </td> </tr> <tr> <td style="width: 32%; vertical-align: bottom; font-size: 10pt; text-align: left;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;">Roman Shark IX Inc.</div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;"><span style="-sec-ix-hidden:Fact_7954e70d5ec846f3a34e90e338ae8e1a">January 2026</span></div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;">Marshall Islands</div> </td> <td style="width: 17%; vertical-align: bottom; text-align: center; white-space: nowrap;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Hull No. 25110062</span></div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;"><span style="-sec-ix-hidden:Fact_1146cb325f264d3580d66cb87068b4e5">Q4 2029</span></div> </td> </tr> </table> <div><br/> </div> <div style="text-align: justify; 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 purchase from the Former Parent of Roman Explorer Inc., a company that owns a contract for the construction of mega yacht M/Y Sanlorenzo “1150 Exp” with hull number 158 (the “Newbuilding Yacht”), whereby the Former Parent was precluded from marketing or selling the Newbuilding Yacht until March 31, 2026. The consideration for the LOI was $4,000 (“LOI advance”) and it was netted-off against the New Yacht Consideration (see below). The consideration was refundable in case the Company elected not to proceed with the acquisition of Roman Explorer Inc. The Company on December 31, 2025 (the “Newbuilding Yacht SPA signing date”) entered into a sales and purchase agreement (“SPA”) for the purchase from the Former Parent of Roman Explorer Inc. for a Consideration of $38,000 (the “New Yacht Consideration”). On the Newbuilding Yacht SPA signing date, the Company settled $19,500 of the New Yacht Consideration by netting-off the LOI advance and by paying $15,500. The amount of $19,500 was presented under “Advances for asset acquisitions to related party” in the consolidated balance sheets as of December 31, 2025 (see Note 5). On March 31, 2026, the Newbuilding Yacht SPA was consummated and the Newbuilding Yacht was transferred to Rubico Inc. During the six-month period ended June 30, 2026 the Company has fully settled the New Yacht Consideration by paying the remaining amount of $18,500. In connection with the signing of the Newbuilding Yacht SPA, the Company was charged with $432 from CSI as a newbuilding monitoring fee (see Note 4). The net assets of Roman Explorer Inc. as of March 31, 2026 amounted to $18,304 and substantially related to advances paid for the Newbuilding Yacht. 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. The Special Committee obtained a fairness opinion relating to the consideration of the transaction from an independent financial advisor.</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">On February 20, 2026, the Company entered into a share purchase agreement (the “Newbuilding MR SPA”) with Central Mare Inc. (“Central Mare”), a related party affiliated with the family of Mr. Evangelos J. Pistiolis, to purchase the shares of Roman Shark IX Inc. (the “Newbuilding MR SPV”) that has entered into a shipbuilding contract, dated February 3, 2026, with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the purchase of a 47,499 dwt chemical/product oil carrier (the “Newbuilding MR Tanker”). The Newbuilding MR Tanker is scheduled for delivery in the fourth quarter of 2029. The Newbuilding MR SPA was consummated on March 18, 2026. The purchase price for the Newbuilding MR SPV was $4,236 and was settled through the issuance of 4,236 Series G convertible perpetual preferred shares (“Series G Preferred Shares”, see Note 11), as contemplated in the Newbuilding MR SPA, pursuant to which under certain circumstances Central Mare could demand payment of instalments in the form of newly issued Series G Preferred Shares. Central Mare has also secured time charter employment with Trafigura Maritime Logistics Pte Ltd (“Trafigura”) for the Newbuilding MR Tanker, starting from the vessel’s delivery and for a firm duration of seven years, with a charterer’s option to extend for <span style="-sec-ix-hidden:Fact_1f524484d5c04e938ae30adf1c550771">four</span> additional years. As a condition to closing of the acquisition of the Newbuilding MR SPV, Central Mare has also arranged for a lease financing agreement that the Newbuilding MR SPV has entered into on March 9, 2026 with <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Agricultural Bank of China Financial Leasing (“ABCFL”). This lease</span> financing agreement is for an aggregate amount of 85% of the instalments payable under the shipbuilding contract (see Note 7). The aggregate amount of instalments payable under the shipbuilding contract is $45,200. The financing bears an effective interest rate of <span style="-sec-ix-hidden:Fact_7573f9e02dad418c94ff7ce07243077d">Term SOFR</span> plus a margin of 1.80%. Under the financing, upon delivery of the Newbuilding MR Tanker the Company will make quarterly instalment payments of $506 over a period of 10 years with a purchase obligation of $18,200 payable together with the last instalment.</div> <div style="font-size: 10pt;"><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 consideration given in excess of the historical carrying value of the net assets acquired is presented as Excess of consideration over acquired assets in the Company’s unaudited interim condensed consolidated statements of mezzanine and stockholders’ equity for the six months ended June 30, 2026. This excess of $23,932 was recorded as a $24,335 reduction to additional paid-in capital, net of $403 of accumulated other comprehensive income of  Roman Explorer Inc. carried over at the date of transfer. An analysis of the Excess consideration over acquired assets is presented in the table below:</div> <div style="font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: middle; font-size: 10pt;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">As of June 30,</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; font-size: 10pt;" valign="bottom"> <div style="text-align: right; font-family: 'Times New Roman'; font-weight: bold;">2026</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">Consideration</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">42,236</td> <td colspan="1" style="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-size: 10pt; width: 88%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">Less: Carrying value of net assets of companies acquired</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" valign="bottom"> <div style="font-family: 'Times New Roman';">(18,304</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman';">)</div> </td> </tr> <tr> <td style="vertical-align: middle; font-size: 10pt; width: 88%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Excess consideration over acquired assets</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">23,932</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div> <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify; text-transform: none;">Our historical and interim results of operations may not be indicative of the results that may be achieved for fiscal year ending December 31, 2026 or any future period.<span style="font-family: 'Times New Roman';"> </span>The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. </div> 1 1 2 157000 157000 52 100000 100000 <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2026, the Company was the sole owner of all outstanding shares of the following subsidiary companies:</div> <div style="font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt; white-space: nowrap;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Wholly owned Shipowning Companies (“SPC”)</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">during six month period ended June 30, 2026</div> </td> <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap; text-align: center;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Date of</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap; text-align: center;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Country of</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Vessel</div> </td> <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Delivery Date</div> </td> </tr> <tr> <td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: left;"> <div style="font-family: 'Times New Roman'; font-style: italic;">Roman Empire Inc.</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic;"><span style="-sec-ix-hidden:Fact_e184cae1218c492982577560e91b0e0e">February 2020</span> </div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic;">Marshall Islands</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: center; white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-style: italic;">Eco West Coast</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic;"><span style="-sec-ix-hidden:Fact_d2dec7d15b484c60ae4442ebad99df1e">March 2021</span> </div> </td> </tr> <tr> <td style="width: 32%; vertical-align: bottom; font-size: 10pt; text-align: left;"> <div style="font-family: 'Times New Roman'; font-style: italic;">Athenean Empire Inc.</div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic;"><span style="-sec-ix-hidden:Fact_da1a3d2c57f5480a8b899f5f68191ea6">February 2020</span> </div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic;">Marshall Islands</div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic;">Eco Malibu</div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center;"> <div style="font-family: 'Times New Roman'; font-style: italic;"><span style="-sec-ix-hidden:Fact_8f7d823495e84352a97db43f81447717">May 2021</span> </div> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 32%; vertical-align: top; font-size: 10pt; white-space: nowrap; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: left; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Wholly owned SPCs with vessels under construction</div> <div style="text-align: left; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">during the period ended June 30, 2026</div> </td> <td style="width: 17%; vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Date of</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 17%; vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Country of</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Vessel</div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Delivery Date</div> </td> </tr> <tr> <td style="width: 32%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: left;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;">Roman Explorer Inc.</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: center; white-space: nowrap;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;"><span style="-sec-ix-hidden:Fact_15cd526c4c054d53993c642049b03c7f">September 2023</span></div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: center; white-space: nowrap;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;">Marshall Islands</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: center;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;">Hull No 158</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-size: 10pt; text-align: center;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;"><span style="-sec-ix-hidden:Fact_d6c276f1778f4ba78a1bf057b0869b79">Q2 2027</span></div> </td> </tr> <tr> <td style="width: 32%; vertical-align: bottom; font-size: 10pt; text-align: left;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;">Roman Shark IX Inc.</div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;"><span style="-sec-ix-hidden:Fact_7954e70d5ec846f3a34e90e338ae8e1a">January 2026</span></div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;">Marshall Islands</div> </td> <td style="width: 17%; vertical-align: bottom; text-align: center; white-space: nowrap;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Hull No. 25110062</span></div> </td> <td style="width: 17%; vertical-align: bottom; font-size: 10pt; text-align: center;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: italic;"><span style="-sec-ix-hidden:Fact_1146cb325f264d3580d66cb87068b4e5">Q4 2029</span></div> </td> </tr> </table> 1T Eco West Coast 1T Eco Malibu 1T Hull No 158 1T Hull No. 25110062 4000000 38000000 19500000 15500000 19500000 18500000 432000 18304000 47499 4236000 4236 P7Y 0.85 45200000 0.018 quarterly 506000 P10Y 18200000 <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 consideration given in excess of the historical carrying value of the net assets acquired is presented as Excess of consideration over acquired assets in the Company’s unaudited interim condensed consolidated statements of mezzanine and stockholders’ equity for the six months ended June 30, 2026. This excess of $23,932 was recorded as a $24,335 reduction to additional paid-in capital, net of $403 of accumulated other comprehensive income of  Roman Explorer Inc. carried over at the date of transfer. An analysis of the Excess consideration over acquired assets is presented in the table below:</div> <div style="font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: middle; font-size: 10pt;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">As of June 30,</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; font-size: 10pt;" valign="bottom"> <div style="text-align: right; font-family: 'Times New Roman'; font-weight: bold;">2026</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">Consideration</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">42,236</td> <td colspan="1" style="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-size: 10pt; width: 88%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">Less: Carrying value of net assets of companies acquired</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" valign="bottom"> <div style="font-family: 'Times New Roman';">(18,304</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman';">)</div> </td> </tr> <tr> <td style="vertical-align: middle; font-size: 10pt; width: 88%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Excess consideration over acquired assets</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">23,932</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> </tr> </table> -23932000 -24335000 403000 42236000 -18304000 -23932000 <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: 25.5pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2.</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Significant Accounting Policies</div> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">A discussion of the Company’s significant accounting policies can be found in the Company’s annual financial statements for the fiscal year ended December 31, 2025.</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Foreign Currency Translation: </span><span style="font-size: 10pt;">The 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 unaudited interim condensed consolidated statements of comprehensive income/(loss). For the Company’s subsidiaries that have a functional currency different than the US Dollar (in the Company’s case, Roman Explorer Inc.), foreign currency-denominated results of operations and cash flows are translated at either the exchange rate in effect at the time of transactions or the average exchange rate during that 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 unaudited interim condensed consolidated statements of cash flows may not align precisely with changes in corresponding balances on the unaudited interim condensed consolidated balance sheets. Translation adjustments resulting from period-to-period exchange rate fluctuations are included as a separate component of accumulated other comprehensive income/(loss) in the unaudited interim condensed consolidated balance sheets and unaudited interim condensed consolidated statements of mezzanine and stockholders’ equity. For the six months ended June 30, 2026, a loss of $165 was recorded under Change in foreign currency translation adjustments in the unaudited interim condensed consolidated statements of comprehensive income<span style="font-size: 10pt;">/(loss)</span>.</span></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"> <br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Segment Reporting:</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> The Company has determined that it operates under one reportable segment, that of operating tanker vessels, and the assets of such segment are presented under the caption Total assets in the accompanying unaudited interim condensed consolidated balance sheets. The segment’s significant expenses regularly provided to chief operating decision maker (“CODM”) are the consolidated expenses as presented on the face of the unaudited interim condensed consolidated statements of income. The accounting policies applied to the reportable segment are the same as those used in the preparation of the Company’s consolidated financial statements included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2025.</span></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br/> </span></div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Recent Accounting Pronouncements:</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In May 2026, the FASB issued Accounting Standards Update No. 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which establishes guidance for the recognition, measurement, presentation and disclosure of environmental credits and related environmental credit obligations. The amendments are effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual reporting periods, with early adoption permitted, and are required to be applied retrospectively. The Company is currently evaluating the impact of adopting this guidance on its unaudited interim condensed consolidated financial statements and related disclosures.</div> <div><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In April 2026, the FASB issued ASU No. 2026-01, “Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock.” The amendments in this Update require an issuer to initially measure paid-in-kind (PIK) dividends on equity-classified preferred stock on the basis of the PIK dividend rate stated in the preferred stock agreement (for example, by multiplying the stated PIK dividend rate by the liquidation preference of the shares), addressing the prior absence of authoritative guidance and the resulting diversity in practice. The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted for any interim or annual period for which financial statements have not yet been issued or made available for issuance, provided that adoption in an interim period is applied as of the beginning of that fiscal year. The Company evaluated the impact of this ASU on its unaudited interim condensed consolidated financial statements and determined that there is no material effect on its results of operations.</div> <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify;"> <br/> </div> <div><span style="font-size: 10pt; font-family: 'Times New Roman';"> There are no other recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s unaudited interim condensed consolidated financial statements in the current period. </span> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Foreign Currency Translation: </span><span style="font-size: 10pt;">The 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 unaudited interim condensed consolidated statements of comprehensive income/(loss). For the Company’s subsidiaries that have a functional currency different than the US Dollar (in the Company’s case, Roman Explorer Inc.), foreign currency-denominated results of operations and cash flows are translated at either the exchange rate in effect at the time of transactions or the average exchange rate during that 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 unaudited interim condensed consolidated statements of cash flows may not align precisely with changes in corresponding balances on the unaudited interim condensed consolidated balance sheets. Translation adjustments resulting from period-to-period exchange rate fluctuations are included as a separate component of accumulated other comprehensive income/(loss) in the unaudited interim condensed consolidated balance sheets and unaudited interim condensed consolidated statements of mezzanine and stockholders’ equity. For the six months ended June 30, 2026, a loss of $165 was recorded under Change in foreign currency translation adjustments in the unaudited interim condensed consolidated statements of comprehensive income<span style="font-size: 10pt;">/(loss)</span>.</span></div> -165000 <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Segment Reporting:</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> The Company has determined that it operates under one reportable segment, that of operating tanker vessels, and the assets of such segment are presented under the caption Total assets in the accompanying unaudited interim condensed consolidated balance sheets. The segment’s significant expenses regularly provided to chief operating decision maker (“CODM”) are the consolidated expenses as presented on the face of the unaudited interim condensed consolidated statements of income. The accounting policies applied to the reportable segment are the same as those used in the preparation of the Company’s consolidated financial statements included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2025.</span></div> 1 <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Recent Accounting Pronouncements:</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In May 2026, the FASB issued Accounting Standards Update No. 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which establishes guidance for the recognition, measurement, presentation and disclosure of environmental credits and related environmental credit obligations. The amendments are effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual reporting periods, with early adoption permitted, and are required to be applied retrospectively. The Company is currently evaluating the impact of adopting this guidance on its unaudited interim condensed consolidated financial statements and related disclosures.</div> <div><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In April 2026, the FASB issued ASU No. 2026-01, “Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock.” The amendments in this Update require an issuer to initially measure paid-in-kind (PIK) dividends on equity-classified preferred stock on the basis of the PIK dividend rate stated in the preferred stock agreement (for example, by multiplying the stated PIK dividend rate by the liquidation preference of the shares), addressing the prior absence of authoritative guidance and the resulting diversity in practice. The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted for any interim or annual period for which financial statements have not yet been issued or made available for issuance, provided that adoption in an interim period is applied as of the beginning of that fiscal year. The Company evaluated the impact of this ASU on its unaudited interim condensed consolidated financial statements and determined that there is no material effect on its results of operations.</div> <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify;"> <br/> </div> <div><span style="font-size: 10pt; font-family: 'Times New Roman';"> There are no other recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s unaudited interim condensed consolidated financial statements in the current period. </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: 25.5pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">3.</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Going Concern</div> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">At June 30, 2026, the Company had a working capital surplus of $1,603. For the six months ended June 30, 2026 the Company realized a net loss of $1,092 and generated cash flow from operations of $4,089. As of June 30, 2026 the Company has contractual commitments for the Newbuilding Yacht of Euro 31,000, or $35,315, which are non-recourse to the Company. Subsequent to June 30, 2026, on July 15, 2026, the Company announced its intention to divest its interest in the Newbuilding Yacht and has also settled an additional Euro 4,500 or $5,126 of the contractual commitments to shipyard. Pending completion of any such divestiture, the Company is in discussions with a number of banks regarding the financing of the Newbuilding Yacht’s contractual commitments, if needed. In addition, on July 13, 2026 and July 27, 2026 the Company entered into <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">SPAs</span> with its Former Parent for the acquisition of the Second Newbuilding MR Tanker and <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the </span>Third Newbuilding MR Tanker, respectively (see Note 13), <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with a consideration</span> of $6,250 and $6,500, respectively<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">. The SPA for the Second Newbuilding MR Tanker was consummated on August 14, 2026, and by that date the $6,250 consideration had been fully settled. The $6,500 consideration for the Third Newbuilding MR Tanker is</span> payable up to September 30, 2026, of which $300 has been settled as of the date of these financial statements. In connection with the Third MR Consideration (<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">see </span>Note 13) the Company has the option to settle through <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the issuance of </span>Series G Shares (Note 11) and in this case no cash outflow will be required.</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In the Company’s opinion, the Company will be able to finance its obligations as they come due over the next twelve months following the date of the issuance of these unaudited interim condensed consolidated financial statements. Consequently, the unaudited interim condensed 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> 1603000 -1092000 4089000 31000000 35315000 4500000 5126000 6250000 6500000 6250000 6500000 300000 <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">4. (a) Vessels, net</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The balances in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows:</div> <div style="font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Vessel Cost</div> </td> <td colspan="1" style="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td> <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Accumulated</div> <div style="font-family: 'Times New Roman'; font-weight: bold;">Depreciation</div> </td> <td colspan="1" style="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td> <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Net</div> <div style="font-family: 'Times New Roman'; font-weight: bold;"> Book Value</div> </td> <td colspan="1" style="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-size: 10pt; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Balance, December 31, 2025</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">126,646</div> </td> <td colspan="1" style="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-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">(20,457</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">)</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">106,189</div> </td> <td colspan="1" style="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-size: 10pt; width: 64%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">— Depreciation</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(2,089</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(2,089</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div> </td> </tr> <tr> <td style="vertical-align: top; font-size: 10pt; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Balance, June 30, 2026</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">126,646</div> </td> <td colspan="1" style="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-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">(22,546</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">)</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">104,100</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2026 the titles of ownership of both our operating vessels are held by the respective lenders to secure the relevant sale and lease back financing transactions (see Note 7).</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">4. (b)</span><span style="font-size: 10pt;"> <span style="font-family: 'Times New Roman'; font-weight: bold;">Advances for vessels under construction:</span></span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">An analysis of Advances for vessels under construction is as follows:</div> <div style="font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Advances for</div> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> vessels under</div> <span style="font-weight: bold;"> </span> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">construction</div> </td> <td colspan="1" style="font-size: 10pt; white-space: nowrap; text-align: left; vertical-align: bottom; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Balance, December 31, 2025</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">-</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; 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: bottom; width: 88%; font-size: 10pt;"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);">— Additions</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 9%; font-size: 10pt; text-align: right;"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);">18,292</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">— Capitalized Newbuilding vessel monitoring fees</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">432</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; 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: bottom; font-size: 10pt; width: 88%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);">— Advances paid</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);">11,932</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">— Capitalized expenses</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">494</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; 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: bottom; font-size: 10pt; width: 88%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">— Capitalized Imputed interest</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">376</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">— Foreign currency translation differences</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(165</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Balance, June 30, 2026</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">31,361</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The balances in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows:</div> <div style="font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Vessel Cost</div> </td> <td colspan="1" style="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td> <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Accumulated</div> <div style="font-family: 'Times New Roman'; font-weight: bold;">Depreciation</div> </td> <td colspan="1" style="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: center; padding-bottom: 2px;"> </td> <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Net</div> <div style="font-family: 'Times New Roman'; font-weight: bold;"> Book Value</div> </td> <td colspan="1" style="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-size: 10pt; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Balance, December 31, 2025</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">126,646</div> </td> <td colspan="1" style="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-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">(20,457</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">)</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">106,189</div> </td> <td colspan="1" style="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-size: 10pt; width: 64%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">— Depreciation</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(2,089</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(2,089</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div> </td> </tr> <tr> <td style="vertical-align: top; font-size: 10pt; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Balance, June 30, 2026</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">126,646</div> </td> <td colspan="1" style="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-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">(22,546</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">)</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">104,100</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 126646000 20457000 106189000 2089000 2089000 126646000 22546000 104100000 <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">An analysis of Advances for vessels under construction is as follows:</div> <div style="font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Advances for</div> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> vessels under</div> <span style="font-weight: bold;"> </span> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">construction</div> </td> <td colspan="1" style="font-size: 10pt; white-space: nowrap; text-align: left; vertical-align: bottom; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; padding-bottom: 2px;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Balance, December 31, 2025</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">-</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; 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: bottom; width: 88%; font-size: 10pt;"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);">— Additions</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 9%; font-size: 10pt; text-align: right;"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);">18,292</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">— Capitalized Newbuilding vessel monitoring fees</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">432</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; 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: bottom; font-size: 10pt; width: 88%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);">— Advances paid</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(255, 255, 255);">11,932</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">— Capitalized expenses</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">494</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; 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: bottom; font-size: 10pt; width: 88%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">— Capitalized Imputed interest</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">376</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">— Foreign currency translation differences</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(165</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Balance, June 30, 2026</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">31,361</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 0 18292000 432000 11932000 494000 376000 165000 31361000 <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: 25.5pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">5.</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Transactions with Related Parties</div> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">(a) Central Mare Inc.– Executive Officers and Other Personnel Agreements:</span><span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"> </span><span style="font-size: 10pt;">On August 1, 2025, the Company entered into separate agreements with Central Mare, pursuant to which Central Mare provides the Company with its executive officers (Chief Executive Officer and Chief Financial Officer) and a number of managerial and administrative employees.</span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company has also entered into an agreement with Central Mare to manage and collect on its behalf all of the EUAs due from its charterers. As of December 31, 2025 and June 30, 2026, the amounts due from Central Mare were $1,099 and $1,886 respectively, referring exclusively to EUA’s collected on the Company’s behalf from the Company’s charterers. Such amount is included in Due from related parties in the accompanying unaudited interim condensed consolidated balance sheets<span style="font-family: 'Times New Roman'; font-style: italic;">.</span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The fees charged by and expenses relating to Central Mare for the six months ended June 30, 2025 and 2026 were $- and $57, respectively and are presented under General and administrative expenses in the accompanying unaudited interim condensed consolidated statements of comprehensive income/(loss).</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">(b)  CSI Management Agreement:</span><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> </span><span style="font-size: 10pt;">On May 28, 2020, the Company’s vessel-owning subsidiaries of M/T Eco West Coast and M/T Eco Malibu entered into two management agreements, one for each vessel, with CSI and on March 18, 2026 and March 31, 2026 the Company’s vessel-owning subsidiaries of new building vessels Hull No. 25110062 and Hull No 158 entered into two management agreements, one for each newbuilding vessel, with CSI respectively (collectively the “CSI Management Agreements”). Finally, the Company entered into a letter agreement with CSI on July 15, 2025, as amended on December 30, 2025 (“CSI Letter Agreement”). The CSI Management Agreements and the CSI Letter Agreement (together the “Management Agreements”) 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 Management Agreements.</span></div> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';"> </span><span style="font-size: 10pt;"><br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the Management Agreements, the Company pays a management fee of $670 per day 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; (iv) in the case of  a vessel under construction a 1.00% of commission denoted as “Newbuilding vessels monitoring fee” that 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) and (v) a financing fee of 0.2% on derivative agreements and loan financing or refinancing. CSI will perform supervision services for any newbuilding vessels while the vessels are under construction, for which the Company will pay CSI the actual cost of the supervision services plus a fee of 7% of such supervision services.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 209.55pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';"> </span><span style="font-size: 10pt;"><br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">CSI provides, at cost, all accounting, reporting, legal and administrative services. Finally, the Management Agreements provide 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 and 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.</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2025 and June 30, 2026, CSI was owed $160 and $53 by the Company, presented net in Due from related parties in the accompanying consolidated balance sheets. The fees charged by and expenses relating to CSI for the six months ended June 30, 2025 and 2026 are as follows:</div> <div style="font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 29%;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="3" style="vertical-align: top; font-size: 10pt; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;">Period ended</div> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;">June 30,</div> </td> <td colspan="1" style="font-size: 10pt; white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td style="vertical-align: top; font-size: 10pt; width: 50%;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 2px; width: 29%;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; padding-bottom: 2px; width: 1%;" valign="bottom"> </td> <td style="vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); width: 9%;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;"> 2025</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; padding-bottom: 2px; width: 1%;" valign="bottom"> </td> <td style="vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); width: 9%;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;">2026</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 2px; width: 50%;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Presented in:</div> </td> </tr> <tr> <td style="vertical-align: middle; font-size: 10pt; width: 29%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; text-indent: -9pt; margin-left: 9pt;">Management fees</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman';">243</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman';">243</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; font-size: 10pt; width: 50%; background-color: rgb(204, 238, 255); text-align: left; white-space: nowrap;"> <div style="font-family: 'Times New Roman';">Management fees – related parties –<span style="font-family: 'Times New Roman';"> </span>Statement of comprehensive income/(loss)<br/> </div> </td> </tr> <tr> <td style="vertical-align: middle; font-size: 10pt; width: 29%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; text-indent: -9pt; margin-left: 9pt;">Accounting and reporting cost*</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman';">45</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman';">180</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; font-size: 10pt; width: 50%; text-align: left;"> <div style="font-family: 'Times New Roman';">Management fees – related parties –<span style="font-family: 'Times New Roman';"> </span>Statement of comprehensive income/(loss)</div> </td> </tr> <tr> <td style="vertical-align: middle; font-size: 10pt; width: 29%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; text-indent: -9pt; margin-left: 9pt;">Commission on charter hire agreements</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman';">149</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman';">129</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; font-size: 10pt; text-align: left; width: 50%; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman';">Voyage expenses - Statement of comprehensive income/(loss)</div> </td> </tr> <tr> <td style="vertical-align: middle; font-size: 10pt; width: 29%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; text-indent: -9pt; margin-left: 9pt;">Superintendent fees</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman';">19</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; font-size: 10pt; width: 50%; text-align: left;"> <div style="font-family: 'Times New Roman';">Vessel operating expenses –<span style="font-family: 'Times New Roman';"> </span>Statement of comprehensive income/(loss)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 29%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-indent: -9pt; margin-left: 9pt;">Financing fees</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">-</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman';">77</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; font-size: 10pt; width: 50%; background-color: rgb(204, 238, 255); text-align: left; white-space: nowrap;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Net in Current and Non-current portions of long-term debt – Balance sheet</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 29%; white-space: nowrap;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">Newbuilding vessels monitoring fee</span></div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">-</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman';">113</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; font-size: 10pt; text-align: left; width: 50%; white-space: nowrap;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Advances for vessels under construction – Balance sheet</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 29%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Total</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">437</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">761</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; font-size: 10pt; width: 50%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> </tr> </table> <div style="text-align: justify; font-family: 'Times New Roman'; 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="text-align: right; vertical-align: top; width: 18pt;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">*</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Accounting and reporting cost for the six month period ended June 30, 2025, represents an allocation of the expenses incurred by the Former Parent based on the number of calendar days of the Company’s vessels to total calendar days of the Former Parent’s fleet.</div> </td> </tr> </table> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: -21.3pt; margin-left: 21.3pt; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> <br/> </span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: -21.3pt; margin-left: 21.3pt; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">(c) Advances for asset acquisitions to related party: </span><span style="font-size: 10pt;">Please refer to Note 1.</span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">(d)</span><span style="font-size: 10pt;"> <span style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Series G Preferred Shares: </span>Please refer to Note 1 and Note 11.</span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">(e) Newbuilding MR SPA with Central Mare: </span><span style="font-size: 10pt;">Please refer to Note 1.</span></div> 1099000 1886000 0 57000 2 1 1 2 1 1 P18M P12M 670 P3M 609 0.0125 0.01 0.01 0.25 0.25 0.25 0.25 0.002 0.07 P5Y P18M 0.02 0.02 0.05 0.05 <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2025 and June 30, 2026, CSI was owed $160 and $53 by the Company, presented net in Due from related parties in the accompanying consolidated balance sheets. The fees charged by and expenses relating to CSI for the six months ended June 30, 2025 and 2026 are as follows:</div> <div style="font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 29%;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; white-space: nowrap; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="3" style="vertical-align: top; font-size: 10pt; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;">Period ended</div> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;">June 30,</div> </td> <td colspan="1" style="font-size: 10pt; white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td style="vertical-align: top; font-size: 10pt; width: 50%;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 2px; width: 29%;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; padding-bottom: 2px; width: 1%;" valign="bottom"> </td> <td style="vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); width: 9%;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;"> 2025</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; padding-bottom: 2px; width: 1%;" valign="bottom"> </td> <td style="vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); width: 9%;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;">2026</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 2px; width: 50%;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Presented in:</div> </td> </tr> <tr> <td style="vertical-align: middle; font-size: 10pt; width: 29%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; text-indent: -9pt; margin-left: 9pt;">Management fees</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman';">243</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman';">243</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; font-size: 10pt; width: 50%; background-color: rgb(204, 238, 255); text-align: left; white-space: nowrap;"> <div style="font-family: 'Times New Roman';">Management fees – related parties –<span style="font-family: 'Times New Roman';"> </span>Statement of comprehensive income/(loss)<br/> </div> </td> </tr> <tr> <td style="vertical-align: middle; font-size: 10pt; width: 29%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; text-indent: -9pt; margin-left: 9pt;">Accounting and reporting cost*</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman';">45</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman';">180</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; font-size: 10pt; width: 50%; text-align: left;"> <div style="font-family: 'Times New Roman';">Management fees – related parties –<span style="font-family: 'Times New Roman';"> </span>Statement of comprehensive income/(loss)</div> </td> </tr> <tr> <td style="vertical-align: middle; font-size: 10pt; width: 29%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; text-indent: -9pt; margin-left: 9pt;">Commission on charter hire agreements</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman';">149</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman';">129</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; font-size: 10pt; text-align: left; width: 50%; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman';">Voyage expenses - Statement of comprehensive income/(loss)</div> </td> </tr> <tr> <td style="vertical-align: middle; font-size: 10pt; width: 29%;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; text-indent: -9pt; margin-left: 9pt;">Superintendent fees</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman';">19</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; font-size: 10pt; width: 50%; text-align: left;"> <div style="font-family: 'Times New Roman';">Vessel operating expenses –<span style="font-family: 'Times New Roman';"> </span>Statement of comprehensive income/(loss)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 29%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-indent: -9pt; margin-left: 9pt;">Financing fees</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">-</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman';">77</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; font-size: 10pt; width: 50%; background-color: rgb(204, 238, 255); text-align: left; white-space: nowrap;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Net in Current and Non-current portions of long-term debt – Balance sheet</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 29%; white-space: nowrap;" valign="bottom"> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">Newbuilding vessels monitoring fee</span></div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">-</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-family: 'Times New Roman';">113</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; font-size: 10pt; text-align: left; width: 50%; white-space: nowrap;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Advances for vessels under construction – Balance sheet</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 29%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Total</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">437</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">761</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; font-size: 10pt; width: 50%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> </tr> </table> <div style="text-align: justify; font-family: 'Times New Roman'; 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="text-align: right; vertical-align: top; width: 18pt;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">*</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Accounting and reporting cost for the six month period ended June 30, 2025, represents an allocation of the expenses incurred by the Former Parent based on the number of calendar days of the Company’s vessels to total calendar days of the Former Parent’s fleet.</div> </td> </tr> </table> </div> 160000 53000 243000 243000 45000 180000 149000 129000 0 19000 0 77000 0 113000 437000 761000 <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: 25.5pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">6.</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Leases</div> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Lease arrangements, under which the Company acts as the lessor</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Charter agreements:</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">During the six months ended June 30, 2026, the Company operated two vessels (M/T Eco West Coast and M/T<span style="font-family: 'Times New Roman';"> </span>Eco Malibu) under time charters with Clearlake Shipping Pte Ltd.</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In addition, pursuant to the consummation of the Newbuilding MR SPA for the acquisition of the Newbuilding MR Tanker during the six-month period ended June 30, 2026, the Company has entered into a time charter party with Trafigura for seven years starting upon delivery from shipyard with a charterer’s option to extend for <span style="-sec-ix-hidden:Fact_76b9d356bf3449b4bb8d181a8fb5a5bf">four</span> additional years.</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Future minimum time-charter receipts of the Company’s vessels in operation as of June 30, 2026, based on commitments relating to their non-cancellable time charter contracts as of June 30, 2026, are as follows:</div> <div style="font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: bold;">Year ending December 31,</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Time Charter</div> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;"> receipts</div> </td> <td colspan="1" style="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-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2026 (remainder)</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">12,088</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2027</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">21,950</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2028</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">21,952</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2029</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">21,892</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2030 and thereafter</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">18,894</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: bold;">Total</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">96,776</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Future minimum time-charter receipts of the Company’s vessel under construction as of June 30, 2026<span style="font-family: 'Times New Roman'; font-style: italic;">, </span>are as follows</div> <div style="font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: bold;">Year ending December 31,</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Time Charter</div> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;"> receipts</div> </td> <td colspan="1" style="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-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2026 (remainder)</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2027</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2028</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2029</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">319</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2030 and thereafter</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">45,919</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: bold;">Total</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">46,238</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In arriving at the minimum future charter revenues the Company has assumed that no off-hire time is incurred, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.</div> 2 P7Y <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Future minimum time-charter receipts of the Company’s vessels in operation as of June 30, 2026, based on commitments relating to their non-cancellable time charter contracts as of June 30, 2026, are as follows:</div> <div style="font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: bold;">Year ending December 31,</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Time Charter</div> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;"> receipts</div> </td> <td colspan="1" style="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-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2026 (remainder)</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">12,088</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2027</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">21,950</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2028</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">21,952</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2029</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">21,892</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2030 and thereafter</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">18,894</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: bold;">Total</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">96,776</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Future minimum time-charter receipts of the Company’s vessel under construction as of June 30, 2026<span style="font-family: 'Times New Roman'; font-style: italic;">, </span>are as follows</div> <div style="font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: bold;">Year ending December 31,</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Time Charter</div> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;"> receipts</div> </td> <td colspan="1" style="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-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2026 (remainder)</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2027</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2028</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2029</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">319</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman';">2030 and thereafter</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">45,919</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: left; font-family: 'Times New Roman'; font-weight: bold;">Total</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">46,238</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 12088000 21950000 21952000 21892000 18894000 96776000 0 0 0 319000 45919000 46238000 <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: 25.5pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">7.</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Debt</div> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Details of the Company’s credit facilities are discussed in Note 7 of the Company’s annual financial statements for the year ended December 31, 2025 and changes in the six months ended June 30, 2026 are discussed below.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">December 31,</div> <div style="font-family: 'Times New Roman'; font-weight: bold;"> 2025</div> </td> <td colspan="1" style="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td> <td colspan="2" style="border-bottom: 2px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">June 30,</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2026</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Total long term debt:</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman';">New Huarong Facility (M/T Eco West Coast and M/T Eco Malibu)</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">83,625</div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">81,375</div> </td> <td colspan="1" style="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: top; font-size: 10pt; width: 76%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">ABCFL Facility (Hull No. 25110062)</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">5,763</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Total long term debt</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">83,625</div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">87,138</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 76%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">Less: Deferred finance fees</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(1,343</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(1,371</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Total long term debt net of deferred finance fees</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">82,282</div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">85,767</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 76%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">Presented:</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="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: top; font-size: 10pt; width: 76%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Current portion of long term debt</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">4,345</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">4,347</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; font-size: 10pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Long term debt</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">77,937</div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">81,420</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 76%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Total Debt net of deferred finance fees</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">82,282</div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">85,767</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">ABCFL Facility</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">On March 9, 2026, the Newbuilding MR SPV entered into a lease financing agreement with ABCFL (the “ABCFL Facility”) for the partial pre-delivery financing of the construction cost of the Newbuilding MR Tanker, in the form of a sale and leaseback. Under the ABCFL Facility, ABCFL will advance 85% of each instalment payable under the shipbuilding contract as it falls due during the construction period, with the Company funding the remaining 15%. The total instalments under the shipbuilding contract amount to $45,200, and the aggregate financing under the ABCFL Facility will therefore be $38,420. The ABCFL Facility bears interest at <span style="-sec-ix-hidden:Fact_e387b7ea72ce4e5f8960db00bf6e77c8">Term SOFR</span> plus a margin of 1.80%. All interest related to the predelivery instalments is payable after delivery of the vessel together with the first quarterly instalment payment and is presented under “Accrued Interest Non-current” in the <span style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">unaudited interim condensed consolidated balance sheets.</span> Upon delivery of the vessel, the Company expects to make quarterly instalment payments of $506 over a period of 10 years, with a purchase obligation of $18,200 at the end of the 10-year period. Following the first anniversary of the vessel’s delivery, the Company will have the option to repurchase the vessel at purchase prices stipulated in the related bareboat charter agreement, varying according to when the option is exercised. Concurrently, four other companies owned by the Former Parent entered into similar agreements with ABCFL for the financing of sister newbuilding vessels to the Newbuilding MR Tanker (the “Related Newbuilding Contract Owners”). Upon consummation of the Newbuilding MR SPA, the Company provided ABCFL with a corporate guar<span style="color: rgb(0, 0, 0);">antee of the obligations of the Newbuilding MR SPV and our Former Parent provided ABCFL with a corporate guarantee of those obligations as well. As of June 30, 2026 an amount of $5,763 is outstanding from the ABCFL Facility representing  85% of the $6,780 1^st instalment payment to the yard for the Newbuilding MR Tanker.</span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The ABCFL Facility contains customary covenants and event of default clauses, including cross-default provisions and restrictive covenants. It contains performance requirements at the guarantor (Rubico Inc. and Top Ships Inc.) level and the shipowning company (Newbuilding MR SPV) level. At the guarantor level, from delivery of the vessel and at all times thereafter, the guarantor is required to maintain minimum liquidity of no less than $440 per tanker vessel and, following the cancellation, expiration or termination of the time charter agreement with Trafigura (or a qualifying replacement charter agreement), the guarantor is required to maintain a ratio of total net debt to the aggregate market value of its fleet of no more than 80%. At the shipowning company level, following the cancellation, expiration or termination of the time charter agreement with Trafigura (or a qualifying replacement charter agreement), the ABCFL Facility is subject to a loan to value requirement whereby the outstanding capital balance must not exceed 85% of the vessel’s market value. Additionally, the ABCFL Facility contains restrictions on the Company incurring further indebtedness or guarantees and paying dividends when in default or if such dividend payment would result in a termination event under the lease financing agreement. The ABCFL Facility has change of control provisions whereby there may not be a change of control of the Company.</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The ABCFL Facility is secured mainly by the following:</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; font-size: 10pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman';">Ownership of the vessel;</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; font-size: 10pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman';">Cross-default covenants across the Related Newbuilding Contract Owners;</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; font-size: 10pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman';">A pre-delivery assignment of the shipbuilding contract and refund guarantee;</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; font-size: 10pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman';">Assignment of insurances and earnings of the vessel financed;</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; font-size: 10pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman';">Specific assignment of any time charters of the vessel financed with duration of more than 12 months;</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; font-size: 10pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman';">Corporate guarantee of Rubico Inc. and Top Ships Inc. (see above);</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; font-size: 10pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman';">Pledge of the shares of the relevant shipowning subsidiary; and</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; font-size: 10pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman';">Pledge over the earnings account of the vessel financed.</div> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2026 the applicable average SOFR was 3.66% and the Company was in compliance with all debt covenants with respect to its credit facilities.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Details of the Company’s credit facilities are discussed in Note 7 of the Company’s annual financial statements for the year ended December 31, 2025 and changes in the six months ended June 30, 2026 are discussed below.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">December 31,</div> <div style="font-family: 'Times New Roman'; font-weight: bold;"> 2025</div> </td> <td colspan="1" style="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;"> </td> <td colspan="2" style="border-bottom: 2px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">June 30,</div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2026</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Total long term debt:</div> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman';">New Huarong Facility (M/T Eco West Coast and M/T Eco Malibu)</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">83,625</div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">81,375</div> </td> <td colspan="1" style="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: top; font-size: 10pt; width: 76%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">ABCFL Facility (Hull No. 25110062)</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">5,763</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Total long term debt</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">83,625</div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">87,138</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 76%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">Less: Deferred finance fees</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(1,343</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(1,371</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Total long term debt net of deferred finance fees</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">82,282</div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">85,767</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 76%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">Presented:</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="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: top; font-size: 10pt; width: 76%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Current portion of long term debt</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">4,345</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">4,347</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; font-size: 10pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Long term debt</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">77,937</div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">81,420</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 76%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Total Debt net of deferred finance fees</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">82,282</div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">85,767</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> M/T Eco West Coast and M/T Eco Malibu 83625000 81375000 Hull No. 25110062 0 5763000 83625000 87138000 1343000 1371000 82282000 85767000 4345000 4347000 77937000 81420000 82282000 85767000 0.85 0.15 45200000 38420000 0.018 quarterly 506000 P10Y 18200000 P10Y 4 5763000 0.85 6780000 440000 0.80 0.85 P12M 0.0366 <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: 25.5pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">8.</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Commitments and Contingencies:</div> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Capital Expenditures under the Company’s Newbuilding program:</span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2026, the Company has remaining contractual commitments to the shipyard for its Newbuilding MR Tanker amounting to $38,420 ($4,520 payable in 2028 and $33,900 payable in 2029). Those commitments are financed 85% from a lease financing agreement with ABCFL (see Note 7). Additionally, the Company has remaining contractual commitments to the shipyard for its Newbuilding Yacht, that are non-recourse to the Company, totaling Euro 31,000 or $35,315 (Euro 13,500 or $15,379 payable in 2026 and Euro 17,500 or $19,936 payable in 2027).</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On July 13, 2026, the Company entered into an SPA with the Former Parent to acquire the shares of a company that is party to a shipbuilding contract for the Second Newbuilding MR Tanker (see Note 13). On August 14, 2026, the SPA was consummated and, as a result, the Company assumed commitments of $38,420 ($9,040 in 2028 and $29,380 in 2029).</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On July 27, 2026, the Company entered into an SPA with the Former Parent to acquire the shares of another company that is party to a shipbuilding contract for the Third Newbuilding MR Tanker (see Note 13). Once the SPA is consummated, which is expected to occur by September 30, 2026, the Company will have assumed commitments of $38,420 ($13,560 in 2028 and $24,860 in 2029).</div> 38420000 4520000 33900000 0.85 31000000 35315000 13500000 15379000 17500000 19936000 38420000 9040000 29380000 38420000 13560000 24860000 <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: 25.5pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">9.</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Common and Preferred Stock, Additional Paid-In Capital and Dividends:</div> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">A discussion of the Company’s common stock, additional paid-in capital and dividends can be found in the Company’s annual financial statements for the fiscal year ended December 31, 2025 which have been filed with the Securities and Exchange Commission on Form 20-F on March 23, 2026. Changes in the six months ended June 30, 2026 are discussed below. No dividends were paid to common stock holders in the six months ended June 30, 2026.</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Reverse stock split:</span><span style="font-size: 10pt;"> On December 2, 2025, February 12, 2026, April 9, 2026, and on June 26, 2026 the Company effected a <span style="-sec-ix-hidden:Fact_7ce84711f53f4ce5828c59a4a5449f8a">1-for-30</span>, a <span style="-sec-ix-hidden:Fact_1f2076656d294ddd9b1f6d8d0a2cbffb">1-for-7.8</span>, a <span style="-sec-ix-hidden:Fact_ae33bf31fc5841b2b44c8285d0e50514">1-for-10</span> and a <span style="-sec-ix-hidden:Fact_fe9f1eab95054413a96251afce5b2c99">1-for-25</span> reverse stock split of its common stock, respectively. There was no change in the number of authorized common shares of the Company, or the floor price of the Company’s Series G Preferred Shares, or the number of votes of the Company’s Series D and G 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 price of the Company’s Series G Preferred Shares, in these</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> unaudited interim condensed </span>consolidated<span style="font-size: 10pt;"> financial statements have been retroactively adjusted to reflect these reverse stock splits.</span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Equity Line Purchase Agreement:</span><span style="font-size: 10pt;"> During the six-month period ended June 30, 2026 the Company issued 95,555 Common shares in connection with the Equity Line Purchase Agreement for gross proceeds of $18,368 net of issuance costs of $93. On July 20, 2026 the Company terminated the Equity Line Purchase Agreement having sold a total of $27,110 and 1,069,876 shares.</span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">January 2026 offering:</span><span style="font-size: 10pt;"> On January 9, 2026, the Company closed a public offering of 3,418 units consisting of 1 common share or Pre-funded warrant and <span style="-sec-ix-hidden:Fact_bbcd99acaff64653884c3180a4bfc08a">one and a half</span> Class B Warrant at a public offering price of $1,170 per unit (the “January 2026 Offering”). Each Pre-funded Warrant was exercisable for one Common Share. As of the date of these financial statements all Pre-funded Warrants have been exercised. Maxim Group LLC (the “placement agent”) acted as the placement agent of the offering. Each Class B Warrant has an exercise price of $1,170 per share, is exercisable upon issuance and expires five years from issuance. Each Class B Warrant is exercisable for one Common Share, subject to adjustment in the event of stock dividends, stock splits, stock combinations, reclassifications, reorganizations or similar events affecting the Company’s common shares. In addition, the Company agreed to issue to the Placement Agent warrants to purchase 170 Common Shares (equal to 5.0% of the total number of Common Shares sold in the January 2026 Offering, the “January 2026 Placement Agent Warrants”), with terms substantially the same as the Class B Warrants. The aggregate gross proceeds to the Company from the January 2026 Offering, before deducting underwriting discounts and other expenses payable by the Company were $4,000 while issuance costs amounted to $648 (out of which $252 were incurred in 2026). As of the date of these financial statements no Class B warrants or January 2026 Placement Agent Warrants have been exercised.</span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"><span style="text-decoration: underline;">Accounting Treatment of the Pre-Funded Warrants, the Class B Warrants and</span></span><span style="font-size: 10pt; font-family: 'Times New Roman';"><span style="text-decoration: underline;"> </span></span><span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"><span style="text-decoration: underline;">January</span></span><span style="font-size: 10pt; font-family: 'Times New Roman';"><span style="text-decoration: underline;"> </span></span><span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"><span style="text-decoration: underline;">2026 Placement Agent Warrants</span></span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">The Pre-Funded Warrants were classified as a component of permanent stockholders’ equity within additional paid-in capital and were recorded at the issuance date. The Pre-Funded Warrants are equity classified because they (i) are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, (ii) are immediately exercisable, (iii) do not embody an obligation for the Company to repurchase its shares, (iv) permit the holders to receive a fixed number of shares of common stock upon exercise, (v) are indexed to the Company’s common stock and (vi) meet the equity classification criteria. In addition, such pre-funded warrants do not provide any guarantee of value or return. </span><span style="font-size: 10pt;">The Company accounted for the <span style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Class B Warrants and January 2026 Placement Agent Warrants as equity in accordance with the accounting guidance for derivatives. The Company</span> 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.</span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">2026 Equity Line Purchase Agreement:</span><span style="font-size: 10pt;"> On April 20, 2026, the Company entered into a common shares purchase agreement (the “2026 Equity Line Purchase Agreement”) with B. Riley Principal Capital II, LLC (the “Selling Shareholder”). Pursuant to the 2026 Equity Line Purchase Agreement, the Company has the right to sell to the Selling Shareholder, from time to time during the term of the 2026 Equity Line Purchase Agreement, up to $50,000 of its common shares, subject to certain limitations and conditions set forth in the 2026 Equity Line Purchase Agreement. Sales of the Company’s common shares pursuant to the 2026 Equity Line Purchase Agreement, and the timing of any sales, are solely at the Company’s option. The Company’s right to cause the Selling Shareholder to purchase its common shares is subject to certain conditions set forth in the 2026 Equity Line Purchase Agreement. During the six-month period ended June 30, 2026, the Company has not issued any Common shares in connection with the 2026 Equity Line Purchase Agreement and has incurred costs related to the 2026 Equity Line Purchase Agreement of $329.</span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">May 2026 offering:</span><span style="font-size: 10pt;"> On May 21, 2026, the Company closed a public offering of 210,525 units consisting of 1 common share or Pre-funded warrant and <span style="-sec-ix-hidden:Fact_52e94c6c27474635ab149782d9476fd2">one and a half</span> Class C warrant at a public offering price of $23.75 per unit (the “May 2026 Offering”). Each Pre-funded Warrant was exercisable for one Common Share. As of the date of these financial statements all Pre-funded Warrants have been exercised. Maxim Group LLC (the “placement agent”) acted as the placement agent of the offering. Each Class C Warrant has an exercise price of $23.75 per share, is exercisable upon issuance and expires five years from issuance. Each Class C Warrant is exercisable for one Common Share, subject to adjustment in the event of stock dividends, stock splits, stock combinations, reclassifications, reorganizations or similar events affecting the Company’s common shares. In addition, the Company agreed to issue to the Placement Agent warrants to purchase 10,526 Common Shares (equal to 5.0% of the total number of Common Shares sold in the May 2026 Offering, the “May 2026 Placement Agent Warrants”), with terms substantially the same as the Class C Warrants. The aggregate gross proceeds to the Company from the May 2026 Offering, before deducting underwriting discounts and other expenses payable by the Company were $5,000 while issuance costs amounted to $556. As of the date of these financial statements all of the Class C Warrants have been exercised pursuant to the Warrant Inducement Agreement (see below) and all of the May 2026 Placement Agent Warrants are outstanding.</span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">Accounting Treatment of the Pre-Funded Warrants, the Class C Warrants and May 2026 Placement Agent Warrants</span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Pre-Funded Warrants were classified as a component of permanent stockholders’ equity within additional paid-in capital and were recorded at the issuance date. The Pre-Funded Warrants are equity classified because they (i) are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, (ii) are immediately exercisable, (iii) do not embody an obligation for the Company to repurchase its shares, (iv) permit the holders to receive a fixed number of shares of common stock upon exercise, (v) are indexed to the Company’s common stock and (vi) meet the equity classification criteria. In addition, such pre-funded warrants do not provide any guarantee of value or return. The Company accounted for the Class C Warrants and the May 2026 Placement Agent 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.</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Warrant Inducement Agreement: </span><span style="font-size: 10pt;">On June 12, 2026 the Company entered into an agreement with the investors holding 100% of the Class C Warrants to induce them to exercise all of their Class C Warrants at an exercise price reduced from $23.75 per warrant share to $16.25 per warrant share. In consideration for the immediate exercise of the Class C Warrants for cash that resulted in gross proceeds of $5,132 before related fees and commissions which amounted to $365,</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> we issued 293,994 common shares and </span>the investors<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> also</span> received<span style="font-size: 10pt;"> new warrants to purchase up to an aggregate of 631,575 common shares (the “Class D Warrants”) with identical terms as the C Warrants with the exception of the exercise price per warrant share now set at $16.25. The Company treated this warrant inducement agreement as a warrant modification and has recognized the incremental fair value of $26 of the Class C Warrants as a deemed dividend.</span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic; color: #000000;">Dividends to common stockholders:</span><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </span><span style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">No dividends were paid to common stockholders in the period ended June 30, 2026.</span></div> 0 95555 18368000 93000 27110000 1069876 3418 1 1170 1 1170 P5Y 170 0.05 4000000 648000 252000 50000000 0 329000 210525 1 23.75 1 23.75 P5Y 10526 0.05 5000000 556000 1 23.75 16.25 5132000 365000 293994 631575 16.25 26000 0 <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: 25.5pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">10.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> </span><span style="font-size: 10pt;"> <span style="font-family: 'Times New Roman'; font-weight: bold;">Earnings/(Loss) Per Common Share:</span></span></div> </td> </tr> </table> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';"> </span><span style="font-size: 10pt;"><br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The computation of earnings/(loss) per share for the six-month period ended June 30, 2026 is based on the weighted average number of common shares outstanding during the period, while the computation for the six-month period ended June 30, 2025 gives retroactive effect to the shares issued in connection with the Spin-Off as if they were outstanding for the whole six month period. 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.</div> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';"> </span><span style="font-size: 10pt;"><br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The components of the calculation of basic and diluted earnings per share for the six month periods ended June 30, 2025 and 2026 are as follows:</div> <div style="font-size: 10pt;"><br/> </div> <table border="0" 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 colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; font-size: 10pt;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;">Six months ended June 30,</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="font-size: 10pt; vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold; text-align: center;"> 2025</div> </td> <td colspan="1" style="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="font-size: 10pt; vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2026</div> </td> <td colspan="1" style="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-size: 10pt; white-space: nowrap; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Net Income/(Loss)</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">3,976</div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">(1,092</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman';">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; width: 76%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">Less: Deemed dividend equivalents on Series G Preferred Shares related to redemption value (Note 11)<br/> </div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">(635</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman';">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">Less: Dividends of Series G Preferred Shares (Note 11)</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">(183</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman';">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; width: 76%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">Less: Deemed dividend on warrant inducement (Note 9)</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">(26</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman';">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Net Income / (Loss) attributable to common shareholders</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">3,976</div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">(1,936</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; width: 76%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">Weighted average common shares outstanding, basic and dilutive</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">52 </div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">103,857 </div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Earnings/(Loss) per share, basic and diluted</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">76,461.53 </div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">(18.64</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">)</div> </td> </tr> </table> <div> <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify;">For the six-month period ended June 30, 2025, there were no dilutive shares. For the six-month period ended June 30, 2026, 139,114  dilutive shares calculated under the treasury stock method have not been included in the computation of diluted earnings per share because to do so would have been antidilutive for the period presented. For the six-month period ended June 30, 2026, 47,539 dilutive shares on an as-if converted basis relating to Series G Shares were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period presented. </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The components of the calculation of basic and diluted earnings per share for the six month periods ended June 30, 2025 and 2026 are as follows:</div> <div style="font-size: 10pt;"><br/> </div> <table border="0" 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 colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; font-size: 10pt;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;">Six months ended June 30,</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="font-size: 10pt; vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold; text-align: center;"> 2025</div> </td> <td colspan="1" style="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="font-size: 10pt; vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2026</div> </td> <td colspan="1" style="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-size: 10pt; white-space: nowrap; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Net Income/(Loss)</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">3,976</div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">(1,092</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman';">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; width: 76%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">Less: Deemed dividend equivalents on Series G Preferred Shares related to redemption value (Note 11)<br/> </div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">(635</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman';">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">Less: Dividends of Series G Preferred Shares (Note 11)</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">(183</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman';">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; width: 76%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">Less: Deemed dividend on warrant inducement (Note 9)</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">-</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">(26</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman';">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Net Income / (Loss) attributable to common shareholders</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">3,976</div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">(1,936</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; width: 76%; background-color: #FFFFFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman';">Weighted average common shares outstanding, basic and dilutive</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">52 </div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom"> <div style="font-family: 'Times New Roman';">103,857 </div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; white-space: nowrap; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">Earnings/(Loss) per share, basic and diluted</div> </td> <td colspan="1" style="font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">76,461.53 </div> </td> <td colspan="1" style="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-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">(18.64</div> </td> <td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-weight: bold;">)</div> </td> </tr> </table> 3976000 -1092000 0 635000 0 183000 0 26000 3976000 -1936000 52 52 103857 103857 76461.53 76461.53 -18.64 -18.64 0 139114 47539 <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: 25.5pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">11.</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Mezzanine Equity</div> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">On March 18, 2026 the Company settled the purchase price of $4,236 of the <span style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Newbuilding MR SPA to Central Mare, through the issuance of 4,236 Series G Preferred Shares (see Note 1). On May 9, 2026 Central Mare transferred all its Series G Preferred Shares to 3 Sororibus Trust, an irrevocable trust established for the benefit of certain family members of the President, Chief Executive Officer and Director of the Former Parent, Mr. Evangelos J. Pistiolis.</span></div> <div style="font-size: 10pt;"><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="font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Series G Preferred Shares have the following characteristics:</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';"><span style="text-decoration: underline;">Conversion.</span></span><span style="font-size: 10pt;"> 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) $195, (ii) 80% of the lowest daily VWAP of the Company’s common shares over the <span style="-sec-ix-hidden:Fact_a7c66e87bf014bafb4d1c84aefc624ce">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 Preferred Shares 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-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman';"><span style="text-decoration: underline;">Voting.</span></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.</div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';"><span style="text-decoration: underline;">Redemption.</span></span><span style="font-size: 10pt;"> 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 March 18, 2027 and twenty percent (20%) of the Liquidation Amount being redeemed if that redemption takes place after such date.</span></div> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';"><span style="text-decoration: underline;">Dividends.</span></span><span style="font-size: 10pt;"> 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> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company determined that the Series G Preferred 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 preferred stock’s holder (Lax Trust) controlled a majority of the Company votes, and is affiliated with Mr. Evangelos J. Pistiolis, with whom 3 Sororibus Trust, that is the holder of the Series G Preferred shares is also affiliated, 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”.<span style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> </span>Upon issuance the Company adjusted the carrying value of the Series G Preferred Shares to the maximum redemption amount ($4,871), resulting in an increase of $635, which has been accounted for as deemed dividend.</div> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';"> </span><span style="font-size: 10pt;"><br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">During the six-month period ended June 30, 2026 the Company declared $183 of dividends to the Series G Preferred Shares holder.</div> 4236000 4236 195 0.80 0.6 1000 1000 1000 1000 0.15 0.15 0.20 0.20 0.15 0.15 4871000 635000 183000 <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: 25.5pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">12.</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Fair Value of Financial Instruments and Concentration of Credit Risk</div> </td> </tr> </table> <div style="font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Concentration of credit risk</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The principal financial assets of the Company consist of cash on hand and at banks, due from related parties, restricted cash and other receivables (including EUAs). The principal financial liabilities of the Company consist of long-term loans, accounts payable (including EUAs) due to suppliers and accrued liabilities.</div> <div style="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; font-size: 10pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">a.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Interest rate risk:</span><span style="font-size: 10pt;"> The Company as of June 30, 2026, is subject to market risks relating to changes in interest rates, since all of its debt is subject to floating interest rates.</span></div> </td> </tr> </table> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';"> </span><span style="font-size: 10pt;"><br/> </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; font-size: 10pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">b.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Credit risk:</span><span style="font-size: 10pt;"> 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.</span></div> </td> </tr> </table> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';"> </span><span style="font-size: 10pt;"><br/> </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; font-size: 10pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">c.</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Fair value:</div> </td> </tr> </table> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';"> </span><span style="font-size: 10pt;"><br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The following methods and assumptions were used to estimate the fair value of each class of financial instrument:</div> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';"> </span><span style="font-size: 10pt;"><br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">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.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The carrying amounts of accounts payable, amounts due from related parties and accrued liabilities approximate their fair value because of the short maturity of these instruments.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The carrying value of long-term debt with variable interest rates (obtained through Level 2 inputs of the fair value hierarchy) approximates the fair market value as the long-term debt bears interest at a floating interest rate.</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'; font-size: 10pt;">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:</div> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';"> </span><span style="font-size: 10pt;"><br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Level 1: Quoted market prices in active markets for identical assets or liabilities;</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data;</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Level 3: Unobservable inputs that are not corroborated by market data.</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: 25.5pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">13.</td> <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;"> <div style="font-family: 'Times New Roman'; font-weight: bold;">Subsequent Events</div> </td> </tr> </table> <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';"> </span><span style="font-size: 10pt;"><br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On July 13, 2026, the Company entered into an SPA with its Former Parent to purchase the shares of a company (the “<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Second MR </span>SPV”) that is party to a shipbuilding contract with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the construction of a 47,499 dwt chemical/product oil carrier (the <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">“</span>Second Newbuilding MR Tanker”). The  Second Newbuilding MR Tanker is scheduled for delivery in the third quarter of 2029. The aggregate purchase price for 100% of the shares of the SPV <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">was</span> $6,250 (the “<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Second MR </span>Consideration<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">”). On August 14, 2026</span> the <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">SPA was consummated and</span> by <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that date</span> the <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Second MR</span> Consideration<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> was fully settled.</span> The<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Second MR</span> SPV has secured time charter employment for the vessel with Trafigura<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> with a daily rate of $18,750</span>, starting from its delivery and for a firm duration of seven years, with charterer’s option to extend for <span style="-sec-ix-hidden:Fact_efb2874e8e3441a8bd35901fdbb81fda">four</span> additional years. The<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Second MR</span> SPV has also entered into a lease financing agreement with ABCFL with the same terms as the Newbuilding MR Tanker (see Note 7). The acquisition was approved by a special committee composed of independent and disinterested members of the Company’s board of directors, which obtained a fairness opinion with respect to the consideration paid to acquire the <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Second MR </span>SPV from an independent financial advisor.</div> <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; font-style: normal; font-weight: normal; text-align: justify;">On July 27, 2026, the Company entered into an SPA with its Former Parent to purchase the shares of a company (the “ Third MR SPV”) that is party to a shipbuilding contract with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the construction of a 47,499 dwt chemical/product oil carrier (the “Third Newbuilding MR Tanker”). The Third Newbuilding MR Tanker is scheduled for delivery in the second quarter of 2029. The aggregate purchase price for 100% of the shares of the<span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> Third MR</span> SPV is $6,500 (the “Third MR Consideration”), payable in full at closing, with the transaction expected to close by September 30, 2026, subject to customary closing conditions. In case the Company raises capital through the issuance of any common stock, preferred stock, or other equity interest prior to the closing, the Company shall be obligated to apply 100% of the net cash proceeds of such equity raises directly toward the payment of the Third MR Consideration. Furthermore, the Company may, at its option, settle all or a portion of the purchase price through the issuance of Series G Preferred Shares (<span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">see </span>Note 11). The Third MR SPV has secured time charter employment for the vessel with Trafigura<span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> with a daily rate of $18,750</span>, starting from its delivery and for a firm duration of seven years, with charterer’s option to extend for <span style="-sec-ix-hidden:Fact_09e84a8a9c8b4b67addc7ca7ee2071a1">four</span> additional years. The Third MR SPV has also entered into a lease financing agreement with ABCFL with the same terms as the Newbuilding MR Tanker (see Note 7). The acquisition was approved by a special committee composed of independent and disinterested members of the Company’s board of directors, which obtained a fairness opinion with respect to the consideration paid to acquire the Third MR SPV from an independent financial advisor. As of the date of these financial statements $300 of the Third MR Consideration has been settled.</div> <div style="text-align: justify;"> <br/> </div> <div style="text-align: justify;">The first instalment to the <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">shipyard</span> in respect of each of the Second Newbuilding MR Tanker and the Third Newbuilding MR Tanker, amounting to $6,780 per vessel ($13,560 in aggregate), was settled by the Former Parent, of which 85% was financed under <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each SPV’s ABCFL facility. The Company assumed the Second MR SPV’s facility upon consummation of the Second Newbuilding SPA and will assume the Third MR SPV’s facility upon consummation of the Third Newbuilding SPA</span>. </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 0);"> </span><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In July 2026 the Company sold 973,788 common shares under the Equity Line Purchase Agreement for gross proceeds of $4,236. On July 20, 2026 the Company terminated the Equity Line Purchase Agreement.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In July 2026 the Company also sold 119,721 common shares under the 2026 Equity Line Purchase Agreement for gross proceeds of $276.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On August 5, 2026, the Company entered into an <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">equity distribution agreement, or as they are commonly known, at-the-market offering </span>with B. Riley Securities, Inc. (the “ATM”). Under the ATM the Company may sell up to $25,000 of its common stock with B. Riley Securities, Inc. acting as a sales agent. Since B. Riley Securities, Inc. 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 ATM. The Company has not issued any common shares pursuant to the ATM.</div> 47499 1 6250000 18750000 P7Y 47499 1 6500000 1 18750000 P7Y 300000 6780000 6780000 13560000 0.85 0.85 973788 4236000 119721 276000 25000000 Accounting and reporting cost for the six month period ended June 30, 2025, represents an allocation of the expenses incurred by the Former Parent based on the number of calendar days of the Company’s vessels to total calendar days of the Former Parent’s fleet.