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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Vessels </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Vessels are stated at cost which comprises the vessels’ contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Expenditures for vessel repair and maintenance are charged against income in the period incurred.</div>

P25Y

P30Y

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">Revenue and expense recognition </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Revenues are generated from voyage and time charter agreements.  If a charter agreement exists, the price is fixed, service is provided and the collection of the related revenue is reasonably assured, revenues are recorded over the term of the charter as service is provided and recognized on a pro-rata basis over the duration of the voyage or time charter adjusted for the off-hire days that a vessel spends undergoing repairs, maintenance or upgrade work. A voyage is deemed to commence upon the later of the completion of discharge of the vessel’s previous cargo or the time it receives a contract that is not cancelable and is deemed to end upon the completion of discharge of the current cargo.  A time charter contract is deemed to commence from the time of the delivery of the vessel to an agreed port and is deemed to end upon the re-delivery of the vessel at an agreed port. We generally enter into a charter agreement for the vessel’s next voyage or time charter prior to the time of discharge of the previous cargo or completion of previous time charter. We do not begin recognizing voyage or time charter revenue until a charter contract has been agreed to both by us and the customer, even if the vessel has discharged its cargo or completed the previous time charter and it is sailing to the anticipated load port for its next voyage or to the port it will be delivered to the next charterer. Demurrage income, which is included in voyage revenues, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter and is recognized when earned. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> For the Company’s vessels operating in chartering pools, pool profits are allocated to each pool participant on a time charter equivalent basis in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool based on the vessel’s age, design and other performance characteristics. Pool income is recognized during the period services were performed, the collectability has been reasonably assured, an agreement with the pool exists and price is determinable. Pool income may be subject to future adjustments by the pool however, the effect on the Company’s income resulting from a subsequent reallocation of pool income on the results for the year historically has not been significant. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Vessels operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Voyage expenses relate to bunkers, port charges, canal tolls, and agency fees which are incurred when the vessel is chartered under a voyage charter or during off-hire or idle periods. Voyage expenses are expensed as incurred.</div>

P9M

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Fair value of time charter acquired </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The Company records all identified tangible and intangible assets or any liabilities associated with the acquisition of a vessel at fair value. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the prevailing market rate for a charter of equivalent duration. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the charterer.  The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to voyage revenues over the remaining term of the charter.</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Stock incentive plan awards </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Share-based compensation represents vested and non-vested restricted shares granted to employees and directors as well as to non-employees and are included in “Other general and administrative expenses” in the “Consolidated statements of operations.” The shares to employees and directors are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and a total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. In addition, non-vested awards granted to non-employees are recognized on a straight-line basis over the remaining period service is provided.  The fair value of the awards granted to non-employees are measured at the fair value at each reporting period until the non-vested shares vest and performance is complete.</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Investments </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The Company classifies unrestricted publicly traded investments as trading securities and records them at fair value. The Company records unrealized gains or losses resulting from changes in fair value of its investment in trading securities between measurement dates as a component of “(Loss)/gain on trading securities". In accordance with guidance relating to “Fair Value Measurements”, the Company determines the fair value of its investments in trading securities using quoted market prices in active markets for the same securities (Level 1 under the “Fair Value Measurements” guidance hierarchy (see Note 15). The Company determines the cost of trading securities sold by using the First-In-First-Out (“FIFO”) method. Purchases of, or proceeds from, the sale of trading securities are classified as cash flows from operating activities. The Company has adopted guidance relating to “The Fair Value Option for Financial Assets and Financial Liabilities” which allows the classification of purchases of, or proceeds from, the sale of trading securities to be classified to cash flows from operating activities or cash flows from investing activities based upon the Company’s intent with respect to these securities.</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Impairment of long-lived assets </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Impairment loss is recognized on a long-lived asset used in operations when indicators of impairment are present and the carrying amount of the long-lived asset is not recoverable from the undiscounted cash flows estimated to be generated by the asset and the asset’s carrying amount is less than its fair value. In determining fair value and future benefits derived from use of long-lived assets, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets.  If the carrying value of the related asset exceeds its undiscounted future net cash flows, the carrying value is reduced to its fair value. Various factors including future charter rates and vessel operating costs are included in this analysis. The Company performed the undiscounted cash flow test as of December 31, 2011 and 2012 for its vessels held for use and determined that its vessels were not impaired.</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Earnings per common share </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does not include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of December 31, 2011 and 2012, are considered contingently returnable until the restrictions lapse and will not be included in the basic net income per share calculation until the shares are vested. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Diluted net income per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury method.</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Segment reporting </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The Company reports financial information and evaluates its operations by charter revenue and not by the length of ship employment for its customers, i.e. voyage or time charters.  The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters.  As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under one reporting segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable.</div>

<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-142" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 3. </div> </td> <td> <div align="justify"> Inventories </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Inventories consisted of the following: </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="56%" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2011 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2012 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="56%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Lubricants </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 1,522,603 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 1,433,129 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="56%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Victualling </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 218,141 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 173,883 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="56%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Bunkers </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 865,791 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 205,624 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="56%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Total </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 2,606,535 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,812,636 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table>

1522603

1433129

218141

173883

865791

205624

<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-143" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 4. </div> </td> <td> <div align="left"> Vessels, net </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The amounts in the accompanying consolidated balance sheets are as follows: </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" width="64%">   </td> <td align="left" valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">   </div> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">  Costs </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Accumulated </div> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Depreciation </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Net Book </div> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">  Value </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Balance, January 1, 2010 </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 310,327,764 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (53,056,940 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 257,270,824 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> -Depreciation for the year </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (17,979,750 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (17,979,750 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: -29pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"> -      -Purchase of vessels </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 16,121,360 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 16,121,360 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Balance, December 31, 2010 </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 326,449,124 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (71,036,690 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 255,412,434 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> -Depreciation for the year </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (18,348,556 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (18,348,556 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> </tr> <tr> <td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: -29pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"> -      -Purchase of vessels </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Balance, December 31, 2011 </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 326,449,124 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (89,385,246 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 237,063,878 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> -Depreciation for the year </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (17,385,608 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (17,385,608 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: -29pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"> -      -Sale of vessels </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (19,318,073 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 6,574,549 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (12,743,524 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> </tr> <tr> <td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: -29pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"> -      -Purchase of vessels </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Balance, December 31, 2012 </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 307,131,051 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (100,196,305 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 206,934,746 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> During 2010, the Company acquired M/V “Aggeliki P” for a purchase price plus costs required to make the vessel available for use of $16,121,360. There were no purchases of vessels during 2011 and 2012. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> There were no sales of vessels in 2010 or 2011. In February 2012, the Company decided to dispose of one of its vessels, M/V “Jonathan P”, which was sold in March 2012 for a gross price of $4,382,313. After sales commissions of 4%, which includes the 1% payable to our manager, and other sales expenses the Company recorded a loss of $8,568,234 from the sale of the vessel. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Vessels with a carrying value of $166.9 million are used as collateral under the Company’s loan agreements (see Note 9). </div>

16121360

4382313 0.04 0.01

166900000

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" width="64%">   </td> <td align="left" valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">   </div> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">  Costs </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Accumulated </div> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Depreciation </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="10%" style="TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Net Book </div> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">  Value </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Balance, January 1, 2010 </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 310,327,764 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (53,056,940 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 257,270,824 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> -Depreciation for the year </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (17,979,750 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (17,979,750 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: -29pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"> -      -Purchase of vessels </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 16,121,360 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 16,121,360 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Balance, December 31, 2010 </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 326,449,124 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (71,036,690 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 255,412,434 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> -Depreciation for the year </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (18,348,556 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (18,348,556 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> </tr> <tr> <td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: -29pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"> -      -Purchase of vessels </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Balance, December 31, 2011 </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 326,449,124 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (89,385,246 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 237,063,878 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> -Depreciation for the year </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (17,385,608 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (17,385,608 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: -29pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"> -      -Sale of vessels </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (19,318,073 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 6,574,549 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (12,743,524 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> </tr> <tr> <td align="left" valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: -29pt; DISPLAY: block; MARGIN-LEFT: 24pt; MARGIN-RIGHT: 0pt" align="left"> -      -Purchase of vessels </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Balance, December 31, 2012 </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 307,131,051 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (100,196,305 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 206,934,746 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table>

310327764

-53056940

257270824

16121360

326449124

-71036690

255412434

326449124

-89385246

-19318073

-6574549

-12743524

307131051

-100196305

<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-144" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 5. </div> </td> <td> <div align="justify"> Deferred Charges, net </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> “Deferred charges, net” consist of loan arrangement fees which are amortized over the duration of the loan and deferred offering expenses related to the filing of the Company’s shelf registration which was charged against the proceeds of our offering of the Company’s securities completed in 2012. </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="56%" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 7.05pt" align="right"> 2011 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 7.05pt" align="right"> 2012 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="56%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="justify"> Balance, beginning of year </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 599,374 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 697,951 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="56%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="justify"> Additions, deferred offering expenses </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 243,392 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="56%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Amortization of loan arrangement fees </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> (144,815 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> (135,981 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> </tr> <tr> <td align="left" valign="bottom" width="56%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Deferred offering expenses reclassified to paid-in capital </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (243,392 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="56%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="justify"> Balance, end of year </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 697,951 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 318,578 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table>

599374

243392

144815

135981

243392

308380

144286

115682

117605

441876 359050

84724

98199

708932

424486

<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-145" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 7. </div> </td> <td> <div align="justify"> Fair Value of Time Charters Acquired </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> M/V “Maersk Noumea” was acquired on May 22, 2008 with an outstanding time charter terminating on August 2011 with a charter rate of $16,800 per day plus three one-year consecutive optional extensions at $18,735, $19,240 and $19,750 per day, respectively.  This charter rate was below the market rates for equivalent time charters prevailing at the time.  The present value of the below-market charter plus the optional periods was estimated by the Company at $9,597,438 and was recorded as a liability. This amount was amortized over the duration of the charter. For the years ended December 31, 2010 and 2011, voyage revenue included $2,106,416 and $1,318,211, respectively, as amortization of the below-market rate charter for M/V “Maersk Noumea”. There was no remaining unamortized below market rate charter as of December 31, 2011 and 2012. </div>

16800 18735 19240 19750 9597438 2106416 1318211 0 0

<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-146" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 8. </div> </td> <td> <div align="justify"> Related Party Transactions </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The Company’s vessel owning companies are parties to management agreements with Eurobulk Ltd. (“Manager” or “Management Company”), which is controlled by members of the Pittas family, whereby the Management Company provided technical and commercial vessel management for a fixed daily fee of an average of Euro 665 for 2010, Euro 700 for 2011 and Euro 685 for 2012 under the Company’s Master Management Agreement (see below).  Vessel management fees paid to the Management Company amounted to $4,892,006, $5,810,095 and $4,984,098 in 2010, 2011 and 2012, respectively. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> An annual adjustment of the management fee due to inflation as provided under the management agreement takes effect January 1 of each year. Laid-up vessels are billed for half of the daily fee for the period they are laid-up. The Company’s Master Management Agreement with Eurobulk - effective as of January 1, 2011 and with an initial term of five years until January 1, 2016 – was amended and renewed for five years on February 4, 2011 with effect from January 1, 2011.  The amended and restated Master Management Agreement will automatically be extended after the initial period for an additional five year period unless terminated on or before the 90th day preceding the initial termination date. Pursuant to the Master Management Agreement, each shipowning company has signed – and each future shipowning company when a vessel is acquired will sign - with Eurobulk a management agreement with the rate and term of these agreements set in the Master Management Agreement as in effect since January 1, 2011. The new agreement was further amended and restated as of January 1, 2012 to reflect a 5% discount of the daily vessel management fee for the period during which the number of the Euroseas owned vessels (including vessels in which Euroseas is a part owner) managed by Eurobulk is greater than 20 (“volume discount”). As of December 31, 2012, there are 15 vessels in the Company’s fleet and 10 vessels in the fleet of the Company’s Euromar LLC joint venture.  The management fee was adjusted for inflation and agreed at 700 Euros per vessel per day for 2011 taking effect on January 1, 2011. Starting January 1, 2012, Euroseas  pays to Eurobulk a fee of 685 Euros per vessel per day in operation and 342.5 Euros per vessel per day in lay-up, after adjusting for inflation and taking into account a 5% volume discount as the number of vessels wholly or partly owned by Euroseas and managed by Eurobulk has been in excess of 20. In absence of the “volume discount”, the daily management fee is 720 Euros per vessel per day in operation and 360 Euros per vessel per day in lay up. For the year starting January 1st 2013 the management fee remains unchanged to the previous year’s level. These fees are recorded under “Related party management fees” in the “Consolidated statements of operations”. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> In addition to the vessel management services, Eurobulk provides management services for the Company’s needs as a public company. In 2010, compensation for such services to the Company as a public company was $1,165,000. This fee was adjusted for inflation and agreed at $1,225,000 for 2011 and at $1,850,000 for 2012. Starting January 1, 2013, this fee was agreed at $1,900,000 to account for increased administration expenses and adjustment for inflation. These amounts are recorded in “Other general and administrative expenses” under “Operating expenses”. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Amounts due to or from related companies represent net disbursements and collections made on behalf of the vessel-owning companies by the Management Company during the normal course of operations for which a right of off-set exists.  As of December 31, 2012, the amount due from related companies was $4,948,443 while as of December 31, 2011, there was an amount due from related companies of $208,704. Based on the Master Management Agreement between Euroseas Ltd. and Euroseas’ shipowning subsidiaries and Eurobulk Ltd. an estimate of the quarter’s operating expenses, expected dry-dock expenses, vessel management fee and fee for management executive services are to be advanced in the beginning of the quarter to Eurobulk Ltd. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The Company uses brokers for various services, as is industry practice.  Eurochart S.A., an affiliated company controlled by certain members of the Pittas family, provides vessel sale and purchase services, and chartering services to the Company whereby the Company pays commission of 1% of the vessel sales price and 1.25% of charter revenues.  Commission expenses for vessel sales for the year ended December 31, 2012 of $43,823 were recorded for the sale of M/V “Jonathan P”, this commission expense was paid to Eurochart in 2012. Eurochart S.A. also received 1% commission for vessel acquisitions from the sellers of the vessels that the Company acquired. Commissions to Eurochart S.A. for chartering services were $612,998, $766,304 and $641,104 in 2010, 2011 and 2012, respectively. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Certain members of the Pittas family, together with another unrelated ship management company, have formed a joint venture with the insurance broker Sentinel Maritime Services Inc. (“Sentinel”); and with a crewing agent Technomar Crew Management Services Corp (“Technomar”). Technomar is a company owned by certain members of the Pittas family, together with two other unrelated ship management companies. Sentinel is paid a commission on premium not exceeding 5%; Technomar is paid a fee of about $50 per crew member per month. Total fees charged by Sentinel and Technomar were $197,921 and $219,602 in 2010, $173,717 and $219,014 in 2011 and $130,699 and $217,141 in 2012, respectively.  These amounts are recorded in “Vessel operating expenses”. </div>

665 700 685

4892006

5810095

4984098

P5Y 0.05 15 10 700 685 342.5 0.05 20 720 360

1165000

1225000

1850000

1900000

4948443

208704

0.01 0.0125

43823

0.01

612998

766304

641104

0.05 50

197921

219602

173717

219014

130699

217141

<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-148" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 9. </div> </td> <td> <div align="left"> Long-Term Debt </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> This consisted of bank loans of the ship-owning companies and is as follows: </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Borrower </div> </td> <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> December 31, 2011 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> December 31, 2012 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Alterwall Business Inc./ </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Allendale Investments S.A </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block">   </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (a) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Xenia International Corp </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (b) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 2,420,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Prospero Maritime Inc. </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (c) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 6,325,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 4,675,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Xingang Shipping Ltd. / Alcinoe Shipping Ltd </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (d) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 7,000,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 6,000,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Manolis Shipping Ltd. </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (e) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 7,120,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 6,480,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Trust Navigation Corp. / Tiger Navigation Co. </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (f) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 2,200,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 2,000,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Saf-Concord Shipping Ltd. </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (g) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 7,250,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 6,250,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Eleni Shipping Ltd. </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (h) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 8,400,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 7,000,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Pantelis Shipping Corp. </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (i) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 9,600,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 8,480,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Aggeliki Shipping Ltd. </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (j) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 7,288,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 6,076,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Noumea Shipping Ltd. </div> </td> <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (k) </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 17,310,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 14,620,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="43%">   </td> <td valign="bottom" width="13%">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 74,913,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 61,581,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Less: Current portion </div> </td> <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (13,332,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (15,937,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> </tr> <tr> <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Long-term portion </div> </td> <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 61,581,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 45,644,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> None of the above loans is registered in the U.S. The future annual loan repayments are as follows: </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> To December 31: </div> </td> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="88%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> 2013 </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 15,937,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="88%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> 2014 </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 12,862,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="88%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> 2015 </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 16,612,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="88%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> 2016 </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 12,170,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="88%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> 2017 </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 4,000,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="88%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Thereafter </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="88%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Total </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 61,581,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-19" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> (a)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Allendale Investments S.A. and Alterwall Business Inc. drew $20,000,000 on May 26, 2005 against a loan facility for which they were jointly and severally liable.  The loan was  payable in twenty-four consecutive quarterly instalments of $1,500,000 each in the first year, $1,125,000 each in the second year, $775,000 each in the third year, $450,000 each in the fourth through sixth years and a balloon payment of $1,000,000 payable with the final instalment due in May 2011.  The interest was based on LIBOR plus 1.25% per annum as long as the outstanding loan amount remains below 60% of the fair market value (FMV) of M/V “Ninos” and M/V “Kuo Hsiung” and 1.375% if the outstanding loan amount was above 60% of the FMV of such vessels. Other covenants and guarantees are similar to the rest of the loans of the Company. This loan was paid in full as of May 2011. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-20" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> (b)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> This is an $8,250,000 loan drawn by Xenia International Corp. on June 30, 2006.  The loan is payable in twenty three consecutive quarterly installments consisting of $265,000 each and a balloon payment of $2,155,000 payable with the final quarterly installment due in March 2012. The interest is based on LIBOR plus a margin of 0.95%. The loan is secured with the following: (i) first priority mortgage over M/V “Anking”, (ii) first assignment of earnings and insurance of M/V “Anking”, (iii) a corporate guarantee of Euroseas Ltd., and (iv) overall liquidity (cash and cash equivalents) of $300,000 for each of the Company’s vessels throughout the life of the facility. Other covenants and guarantees are similar to the rest of the loans of the Company. This loan was paid in full as of March 2012. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-21" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> (c)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> This is a $15,500,000 loan drawn by Prospero Maritime Inc. on September 4, 2006.  The loan is payable in fourteen consecutive semi-annual installments consisting of two installments of $1,200,000 each, one installment of $1,000,000 each and eleven installments of $825,000 each and a balloon payment of $3,025,000 payable with the final semi-annual installment due in September 2013. The interest is based on LIBOR plus a margin that ranges between 0.9%-0.95%, depending on the asset cover ratio. The loan is secured with the following: (i) first priority mortgage over M/V “Aristides N.P.”, (ii) first assignment of earnings and insurance of M/V “Aristides N.P.”, (iii) a corporate guarantee of Euroseas Ltd., (iv) a minimum cash balance equal to an amount of no less than $300,000 in an account Prospero Maritime Inc. maintains with the bank, and (v) overall liquidity (cash and cash equivalents) of $300,000 for each of the Company’s vessels throughout the life of the facility. Other covenants and guarantees are similar to the rest of the loans of the Company. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-22" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> (d)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> This is a $20,000,000 loan drawn by Xingang Shipping Ltd. on November 15, 2006; Alcinoe Shipping Ltd., owner of the M/V “Gregos”, became a guarantor to the loan in March 2007. Diana Shipping Ltd, owner of M/V “Irini” is a guarantor to this loan after M/V Gregos was sold in December 2009, cash collateral of $2,000,000 has been maintained with the bank in lieu of any repayment because of the sale. The loan is payable in eight consecutive quarterly installments of $1.0 million each, the first of which was due in February 2007, followed by four consecutive quarterly installments of $750,000 each, followed by sixteen consecutive installments of $250,000 each and a balloon payment of $5.0 million payable with the final quarterly installment due in November 2013. The interest was based on LIBOR plus a margin of 0.935% initially; after Alcinoe Shipping Ltd. became a guarantor the rate became 0.90%. </div> </td> </tr> </table> <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-149" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> <div>   </div> </td> <td> <div align="justify"> On April 5, 2013, an Addendum was signed by which the balloon payment of $5.0 million will be repaid by eight consecutive quarterly instalments of $200,000 each starting in February 2014 plus a balloon payment of $3,400,000 payable with the final quarterly instalment in November 15, 2015. The interest is based on LIBOR plus a margin of 5.30%. As of the November 1, 2013 and thereafter at any time throughout the repayment of the loan a minimum deposit of $400,000 is to be maintained with the bank. The loan is secured with the following: (i) first priority mortgage over M/V “Marinos” owned by Xingang Shipping Ltd, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. and (iv) a mortgage on M/V “Irini” owned by Diana Shipping Ltd. Other covenants and guarantees are similar to the rest of the loans of the Company. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-23" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> (e)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> This is a $10,000,000 loan drawn by Manolis Shipping Ltd. on June 11, 2007 The loan is payable in thirty-two consecutive quarterly instalments of $160,000 each, the first of which was due in September 2007, plus a balloon payment of $4,880,000 payable with the final quarterly instalment in June 2015. The interest is based on LIBOR plus a margin of 0.80% if the ratio of the outstanding loan to the vessel value is below 55%, otherwise the margin is 0.90%.  The loan is secured with the following: (i) first priority mortgage over M/V “Manolis P”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. and (iv) a minimum cash balance equal to an amount of no less than $300,000 in an account Manolis Shipping Ltd. maintains with the bank.  Other covenants and guarantees are similar to the rest of the loans of the Company. </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> On October 29, 2012, a supplemental agreement was signed that extended the loan by eight consecutive quarterly instalments of $250,000 each, plus a balloon payment of $3,000,000 payable with the final quarterly instalment on January, 15 2016. Under the same supplemental agreement, Tiger Navigation Corp., owner of m/v Tiger Bridge, SAF-Concord Shipping Ltd., owner of m/v Monica P, and Alterwall Business Inc., owner of M/V OEL Bengal, provided additional guarantees to this loan. The interest is based on LIBOR plus a margin of 5.00%. </div> <table cellpadding="0" cellspacing="0" id="list-24" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> (f)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> This loan is a $15,000,000 loan originally drawn by Trust Navigation Corp. on November 1, 2007. The M/V “Ioanna P” secured the loan until the vessel was sold on January 12, 2009. In anticipation of such sale, on December 29, 2008, a replacement guarantee for the loan was put in place by Tiger Navigation Corp., one of the Company’s subsidiaries and the owner of M/V “Tiger Bridge”.  On such date, Tiger Navigation Corp. also granted the lender a first priority mortgage over M/V “Tiger Bridge” to secure the loan and its guarantee. The loan is payable in four consecutive quarterly instalments of $1,850,000 each, the first of which was due in February 2008, followed by four consecutive quarterly instalments of $750,000 each, followed by four consecutive quarterly instalments of $550,000 each, plus a balloon payment of $2,400,000 payable with the final quarterly instalment in November 2010. The interest is based on LIBOR plus a margin of 0.90%. On October 29, 2010, Tiger Navigation Corp. agreed to re-finance the balloon payment of $2,400,000 to be paid in ten consecutive quarterly instalments of $50,000 each plus a balloon payment of $1,900,000 payable with the final instalment in April 2013. The interest rate is based on LIBOR plus 3.75%. The loan is secured with the following: (i) first priority mortgage over M/V “Tiger Bridge”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. and (iv) a minimum cash balance equal to an amount of no less than $300,000 in an account Trust Navigation Corp. maintains with the bank.  Other covenants and guarantees are similar to the rest of the loans of the Company. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-25" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> (g)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> This loan is a $10,000,000 loan drawn by SAF-Concord Shipping Ltd. on January 19, 2009. The loan was payable in twenty consecutive quarterly instalments of $250,000 each, the first of which was due in April 2009, plus a balloon payment of $5,000,000 payable with the final quarterly instalment in January 2014. The interest was based on LIBOR plus a margin of 2.50%. The loan was secured with the following: (i) first priority mortgage over M/V “Monica P”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. and (iv) a minimum cash balance equal to an amount of no less than $300,000 in an account SAF-Concord Shipping Ltd. Shipping Ltd. maintains with the bank.  Other covenants and guarantees are similar to the rest of the loans of the Company. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-26" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> (h)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> This loan is a $10,000,000 loan drawn by Eleni Shipping Ltd. on April 30, 2009. The loan is payable in 10 consecutive semi-annual instalments, two in the amount of $100,000, two in the amount of $400,000, two in the amount of $600,000 and four in the amount of $800,000, with a $4.6 million balloon payment to be paid together with the last instalment in April 2014. The margin of the loan is 2.50% above LIBOR for the $5.4 million repaid throughout the 5 years and 2.70% above LIBOR for the amount of the balloon payment. The loan is secured with the following: (i) first priority mortgage over M/V “Eleni P”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. and (iv) a minimum cash balance equal to an amount of no less than $300,000 in an account Eleni Shipping Ltd. maintains with the bank.  Other covenants and guarantees are similar to the rest of the loans of the Company. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-27" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> (i)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> This loan is a $13,000,000 loan drawn by Pantelis Shipping Corp. on December 15, 2009. The loan is payable in 32 consecutive quarterly instalments, four in the amount of $500,000 and twenty-eight in the amount of $280,000, with a $3.16 million balloon payment to be paid together with the last instalment in December 2017. The margin of the loan is 2.70% above LIBOR. The loan is secured with the following: (i) first priority mortgage over M/V “Pantelis”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. and (iv) a minimum cash balance equal to an amount of no less than $300,000 in an account Pantelis Shipping Corp. maintains with the bank.  Other covenants and guarantees are similar to the rest of the loans of the Company. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-28" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> (j)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> This loan is a $8,500,000 loan drawn by Aggeliki Shipping Ltd. on November 5, 2010. The loan is payable in 20 equal consecutive quarterly instalments of $303,000 each, with a $2.44 million balloon payment to be paid together with the last instalment in November 2015. The margin of the loan is 2.85% above LIBOR. The loan is secured with the following: (i) first priority mortgage over M/V “Aggeliki P.”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. Other covenants and guarantees are similar to the rest of the loans of the Company. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-29" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> (k)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> This loan is a $20,000,000 loan drawn by Noumea Shipping Ltd. on December 28, 2010. The loan consists of two tranches: Tranche A of $15,000,000 payable in 12 equal consecutive six-monthly instalments of $720,000 each with a $6.36 million balloon payment to be paid together with the last instalment in December 2016; and, Tranche B of $5,000,000 payable in 8 equal consecutive six-monthly instalments of $625,000 each running in parallel with Tranche A. The margin of both tranches is 2.65% above LIBOR, however, if the collateral vessel, M/V “Maersk Noumea”, does not have a charter, the margin of Tranche B becomes 4% above LIBOR and any balance remaining thereof, to be repaid not later that the original Tranche B Maturity, as an Interim Balloon.   The loan is secured with the following: (i) first priority mortgage over M/V “Maersk Noumea”, (ii) second priority mortgage over M/V “Aristides N.P.”, (iii) first assignment of earnings and insurance, (iv) a corporate guarantee of Euroseas Ltd. Other covenants and guarantees are similar to the rest of the loans of the Company. </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> In addition to the terms specific to each loan described above, all the above loans are secured with one or more of the following: </div> <table cellpadding="0" cellspacing="0" id="list-30" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 36pt"> <div style="TEXT-ALIGN: left"> ·   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> first priority mortgage over the respective vessels on a joint and several basis. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-31" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 36pt"> <div style="TEXT-ALIGN: left"> ·   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> first assignment of earnings and insurance. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-32" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 36pt"> <div style="TEXT-ALIGN: left"> ·   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> a personal guarantee of one shareholder. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-33" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 36pt"> <div style="TEXT-ALIGN: left"> ·   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> a corporate guarantee of Euroseas Ltd. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-34" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: left; WIDTH: 36pt"> <div style="TEXT-ALIGN: left"> ·   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> a pledge of all the issued shares of each borrower. </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The loan agreements contain covenants such as minimum requirements regarding the hull ratio cover  (the ratio of fair value of vessel to outstanding loan less cash in retention accounts), restrictions as to changes in management and ownership of the vessel shipowning companies, distribution of profits or assets (i.e. limiting dividends in some loans to 60% of profits, or, not permitting dividend payment or other distributions in cases that an event of default has occurred), additional indebtedness and mortgage of vessels without the lender’s prior consent, sale of vessels, maximum fleet-wide leverage, sale of capital stock of our subsidiaries, ability to make investments and other capital expenditures, entering in mergers or acquisitions, minimum cash balance requirements and minimum cash retention accounts (restricted cash).  The loan agreements also require the Company to make deposits in retention accounts with certain banks that can only be used to pay the current loan instalments. Minimum cash balance requirements are in addition to cash held in retention accounts. These cash deposits amounted to $5,920,111 and $9,926,011 as of December 31, 2011 and 2012, respectively, and are shown as “Restricted cash” under “Current assets” and “Long-term assets” in the consolidated balance sheets. As of December 31, 2012, all the debt covenants are satisfied. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Interest expense for the years ended December 31, 2010, 2011 and 2012 amounted to $1,389,647, $2,046,420 and $1,841,245, respectively. </div>

20000000

1500000

1125000

775000

450000

1000000

0.0125

0.60

0.01375

0.60

8250000

265000

2155000

0.0095

300000

15500000

1200000

1000000

825000

3025000

0.009

0.0095

300000 300000

20000000

$2,000,000

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750000

250000

5000000

0.00935

0.0090

200000

3400000

0.0530

400000

10000000

thirty-two

160000

4880000

0.0080

0.55 0.0090 300000 eight

250000

3000000

0.0500

15000000

4 1850000 4

750000

550000

2400000

0.0090

2400000 10

50000

1900000

0.0375

300000

10000000

twenty

250000

5000000

0.0250

300000

10000000

100000

400000

600000

4 800000 4600000 0.0250

5400000

P5Y 0.0270 300000

13000000

500000

280000

3160000 0.0270 300000

8500000

303000

2440000 0.0285

20000000

15000000

720000

6360000

5000000

625000

0.0265 0.04 0.60

5920111

9926011

1389647

2046420

1841245

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Borrower </div> </td> <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> December 31, 2011 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> December 31, 2012 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Alterwall Business Inc./ </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Allendale Investments S.A </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block">   </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (a) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Xenia International Corp </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (b) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 2,420,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Prospero Maritime Inc. </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (c) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 6,325,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 4,675,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Xingang Shipping Ltd. / Alcinoe Shipping Ltd </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (d) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 7,000,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 6,000,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Manolis Shipping Ltd. </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (e) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 7,120,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 6,480,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Trust Navigation Corp. / Tiger Navigation Co. </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (f) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 2,200,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 2,000,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Saf-Concord Shipping Ltd. </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (g) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 7,250,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 6,250,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Eleni Shipping Ltd. </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (h) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 8,400,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 7,000,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Pantelis Shipping Corp. </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (i) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 9,600,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 8,480,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="43%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Aggeliki Shipping Ltd. </div> </td> <td valign="bottom" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (j) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 7,288,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 6,076,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Noumea Shipping Ltd. </div> </td> <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> (k) </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 17,310,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 14,620,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="43%">   </td> <td valign="bottom" width="13%">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 74,913,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="TEXT-ALIGN: right"> 61,581,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Less: Current portion </div> </td> <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (13,332,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (15,937,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> </tr> <tr> <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Long-term portion </div> </td> <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 61,581,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 45,644,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table>

2420000

6325000

4675000

7000000

6000000

7120000

6480000

2200000

2000000

7250000

6250000

8400000

7000000

9600000

8480000

7288000

6076000

17310000

14620000

74913000

61581000

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> To December 31: </div> </td> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="88%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> 2013 </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 15,937,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="88%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> 2014 </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 12,862,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="88%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> 2015 </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 16,612,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="88%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> 2016 </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 12,170,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="88%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> 2017 </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 4,000,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="88%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Thereafter </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="88%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Total </div> </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 61,581,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table>

15937000

12862000

16612000

12170000

4000000

61581000

0.50

<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-150" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 11. </div> </td> <td> <div align="justify"> Commitments and Contingencies </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-35" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> (a)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> There are no material legal proceedings to which the Company is a party or to which any of its properties are subject, other than routine litigation incidental to the Company’s business.  In the opinion of the management, the disposition of these lawsuits should not have a material impact on the consolidated results of operations, financial position and cash flows. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-36" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> (b)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Future minimum long-term time charter revenue net of commissions, based on non-cancelable time charter contracts as of December 31, 2012 will be $3.8 million for 2013 and $0.6 million for 2014 assuming the scheduled drydockings and special surveys (20-25 days every two and a half years) and one additional offhire day per quarter to account for any unscheduled off-hire time. </div> </td> </tr> </table>

3800000

600000

20 25 two one

<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-151" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 12. </div> </td> <td> <div align="justify"> Stock Incentive Plan </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> On October 25, 2007, the Board of Directors approved the Company’s 2007 Stock Incentive Plan (the “2007 Plan”, all the shares under this plan have been issued) and on June 15, 2010, the Company’s 2010 Stock Incentive Plan (the “2010 Plan”). The plans are administered by the Board of Directors which can make awards totaling in aggregate up to 600,000 and 1,500,000 shares, respectively over 10 years after each plan’s adoption date. The persons eligible to receive awards under the Plan are officers, directors, and executive, managerial, administrative and professional employees of the Company or Eurobulk or Eurochart, (collectively, “key persons”) as the Board, in its sole discretion, shall select based upon such factors as the Board shall deem relevant.  Awards may be made under the Plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares. </div> <table cellpadding="0" cellspacing="0" id="list-37" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> a)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> On November 4, 2010, an award of 165,000 non-vested restricted shares, 15,000 shares under the 2007 Plan and 150,000 shares under the 2010 Plan, was made to 14 key persons of which 50% vested on November 16, 2011 and 50% vested on November 16, 2012; awards to officers and directors amounted to 100,000 shares and the remaining 65,000 shares were awarded to employees of Eurobulk. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-38" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> b)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> On November 4, 2011 an award of 290,000 non-vested restricted shares under the 2010 Plan, was made to 17 key persons of which 50%  vested on July 1, 2012 and 50% will vest on July 1, 2013; awards to officers and directors amounted to 164,000 shares and the remaining 126,000 shares were awarded to employees of Eurobulk. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-39" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> c)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> On November 3, 2012 an award of 435,000 non-vested restricted shares under the 2010 Plan, was made to 17 key persons of which 50% will vest on November 16, 2013 and 50% on November 16, 2014; awards to officers and directors amounted to 246,000 shares and the remaining 189,000 shares were awarded to employees of Eurobulk. </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> All non-vested restricted shares are conditional upon the grantee’s continued service as an employee of the Company, Eurobulk or as a director until the applicable vesting date. The grantee does not have the right to vote such non-vested restricted shares until they vest or exercise any right as a shareholder of these shares, however, the non-vested shares will accrue dividends as declared and paid which will be retained by the Company until the shares vest at which time they are payable to the grantee. As of December 31, 2011 and 2012 the non-vested restricted shares accrued dividends of $47,525 and $36,424, respectively. As non-vested restricted share grantees accrue dividends on awards that are expected to vest, such dividends are charged to retained earnings. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The Company estimates the forfeitures of non-vested restricted shares to be immaterial. The Company will, however, re-evaluate the reasonableness of its assumption at each reporting period. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The compensation cost that has been charged against income for those plans was $696,117, $568,488 and $671,381 for the years ended December 31, 2010, 2011 and 2012, respectively. The Company has used the straight-line method to recognize the cost of the awards. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> A summary of the status of the Company’s non-vested shares as of December 31, 2012 and changes during the year ended December 31, 2012, are presented below: </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Non-vested Shares </div> </td> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Shares </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-TOP: black 0.5pt solid">   </td> <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-TOP: black 0.5pt solid"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Weighted-Average Grant-Date Fair Value </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-TOP: black 0.5pt solid">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Non-vested on January 1, 2012 </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 372,500 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,250,500 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Granted </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 554,200 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 629,822 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Vested </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (300,300 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (879,648 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> </tr> <tr> <td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Forfeited </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Non-vested on December 31, 2012 </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 626,400 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,000,674 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table> As of December 31, 2012, there was $644,206 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan and is expected to be recognized over a weighted-average period of 0.83 years. The total fair value at grant-date of shares vested during the year ended December 31, 2010, December 31, 2011, and December 31, 2012 was $609,175, $669,075, and $879,648, respectively.

600000

1500000

165000

15000

150000

14 0.50 0.50

100000

65000

290000

17 0.50 0.50

164000

126000

435000

17 0.50 0.50

246000

189000

47525

36424

696117

568488

671381

644206

0.83

609175

669075

879648

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Non-vested Shares </div> </td> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Shares </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-TOP: black 0.5pt solid">   </td> <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-TOP: black 0.5pt solid"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Weighted-Average Grant-Date Fair Value </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-TOP: black 0.5pt solid">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Non-vested on January 1, 2012 </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 372,500 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,250,500 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Granted </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 554,200 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 629,822 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Vested </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (300,300 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (879,648 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> </tr> <tr> <td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Forfeited </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Non-vested on December 31, 2012 </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 626,400 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,000,674 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table>

372500 1250500

554200

629822

-300300

-879648 626400 1000674

<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-153" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 13. </div> </td> <td> <div align="justify"> Earnings / (Loss) Per Share </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Basic and diluted earnings / (loss) per common share are computed as follows: </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2pt" align="right"> 2010 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2pt" align="right"> 2011 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2pt" align="right"> 2012 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Income: </div> </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Net income/(loss) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (6,605,850 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 1,115,989 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (13,198,741 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> </tr> <tr> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Basic earnings per share: </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Weighted average common shares – </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left">     Outstanding </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 31,636,633 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 31,794,381 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 38,950,100 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Basic earnings/(loss) per share </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (0.21 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 0.04 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (0.34 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Effect of dilutive securities </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Non-vested incentive stock awards </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 51,699 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Weighted average common shares – </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left">     Outstanding </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 31,636,633 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 31,846,080 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 38,950,100 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Diluted earnings /(loss) per share </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (0.21 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 0.04 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (0.34 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">  During 2010 and 2012, the effect of the non-vested stock awards was anti-dilutive. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> In June 2012, the Company completed a shareholders rights offering of 13,852,094 shares of common stock at an issue price of $1.10 per share. The earnings/(loss) per share and the weighted average number of shares, basic and diluted, have been adjusted retroactively for years 2010 and 2011 to give effect to the bonus element of the shares associated with the rights offering. </div>

13852094

1.10

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2pt" align="right"> 2010 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2pt" align="right"> 2011 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2pt" align="right"> 2012 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Income: </div> </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Net income/(loss) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (6,605,850 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 1,115,989 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (13,198,741 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> </tr> <tr> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Basic earnings per share: </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Weighted average common shares – </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left">     Outstanding </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 31,636,633 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 31,794,381 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 38,950,100 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Basic earnings/(loss) per share </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (0.21 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 0.04 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (0.34 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Effect of dilutive securities </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Non-vested incentive stock awards </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 51,699 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Weighted average common shares – </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left">     Outstanding </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 31,636,633 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 31,846,080 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 38,950,100 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="left"> Diluted earnings /(loss) per share </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (0.21 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 0.04 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (0.34 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> </tr> </table>

51699

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> 14.           Voyage, Vessel Operating Expenses and Commissions </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> These consisted of: </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Year ended December 31, </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2010 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2011 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2012 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Voyage expense </div> </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Port charges and canal dues </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 578,520 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 304,951 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 442,783 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Laid-up vessel re-activation costs </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 565,653 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Bunkers </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 452,396 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 472,951 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 886,885 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Total </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,596,569 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 777,902 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,329,668 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Vessel operating expenses </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Crew wages and related costs </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 12,144,125 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 14,137,227 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 13,864,535 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Insurance </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 2,521,256 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 2,691,918 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 2,435,144 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Repairs and maintenance </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 524,026 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 601,254 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 511,569 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Lubricants </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 2,187,351 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 2,712,901 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 2,846,087 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Spares and consumable stores </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 3,252,381 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 4,590,835 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 4,083,590 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Professional and legal fees </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 113,202 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 111,043 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 137,047 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Other </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 764,851 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,404,161 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,197,167 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Total </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 21,507,192 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 26,249,339 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 25,075,139 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Commission consisted of commissions charged by: </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Year ended December 31, </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2010 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2011 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2012 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Third parties </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 1,331,475 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 2,206,663 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 2,032,599 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Related parties (see Note 8) </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 612,998 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 766,304 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 641,104 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,944,473 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 2,972,967 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 2,673,703 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Year ended December 31, </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2010 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2011 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2012 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Voyage expense </div> </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Port charges and canal dues </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 578,520 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 304,951 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 442,783 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Laid-up vessel re-activation costs </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 565,653 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Bunkers </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 452,396 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 472,951 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 886,885 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Total </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,596,569 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 777,902 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,329,668 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Vessel operating expenses </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Crew wages and related costs </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 12,144,125 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 14,137,227 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 13,864,535 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Insurance </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 2,521,256 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 2,691,918 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 2,435,144 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Repairs and maintenance </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 524,026 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 601,254 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 511,569 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Lubricants </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 2,187,351 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 2,712,901 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 2,846,087 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Spares and consumable stores </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 3,252,381 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 4,590,835 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 4,083,590 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Professional and legal fees </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 113,202 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 111,043 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 137,047 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Other </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 764,851 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,404,161 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,197,167 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" width="64%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Total </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 21,507,192 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 26,249,339 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 25,075,139 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table> 578520 304951 442783 565653 452396 472951 886885 1596569 777902 1329668

12144125

14137227

13864535

2521256

2691918

2435144

524026

601254

511569

2187351

2712901

2846087

3252381

4590835

4083590

113202

111043

137047

764851

1404161

1197167

21507192

26249339

25075139

1331475

2206663

2032599

612998

766304

641104

1944473

2972967

2673703

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 15.           Financial Instruments </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 4pt; MARGIN-RIGHT: 0pt" align="justify"> The principal financial assets of the Company consist of cash on hand and at banks, trading securities, derivatives including interest rate swaps and accounts receivable due from charterers. The principal financial liabilities of the Company consist of long-term loans and accounts payable due to suppliers. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Interest rate risk </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The Company enters into interest rate swap contracts as economic hedges to manage its exposure to variability in its floating rate long term debt. Under the terms of the interest rate swaps the Company and the bank agreed to exchange, at specified intervals the difference between a paying fixed rate and receiving floating rate interest amount calculated by reference to the agreed principal amounts and maturities.  Interest rate swaps allow the Company to convert long-term borrowings issued at floating rates into equivalent fixed rates. Even though the interest rate swaps were entered into for economic hedging purposes, the derivatives described below (see Note 16) do not qualify for accounting purposes as fair value hedges, under guidance relating to Derivatives and Hedging, as the Company does not have currently written contemporaneous documentation identifying the risk being hedged and, both on a prospective and retrospective basis, performing an effectiveness test to support that the hedging relationship is highly effective. Consequently, the Company recognizes the change in fair value of these derivatives in the “Consolidated statements of operations.” As of December 31, 2012, the Company had three open swap contracts for a notional amount of $60.0 million. </div> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Concentration of credit risk </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Financial instruments, which potentially subject the Company to significant concentration of credit risk consist primarily of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluation of the relative credit standing of these financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable.  As of December 31, 2012, there were no customers with trade accounts receivable accounting for more than 10% of the customer’s 2012 hire revenues. </div> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Fair value of financial instruments </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The Company follows guidance relating to “Fair value measurements”, which establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements.  This statement 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 statement requires that assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Level 1: Quoted market prices in active markets for identical assets or liabilities; </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Level 3: Unobservable inputs that are not corroborated by market data. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The fair value of the Company’s investments in trading securities and FFA contracts are determined based on quoted prices in active markets and therefore are considered Level 1 of the fair value hierarchy as defined in guidance relating to “Fair value measurements”. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The fair value of the Company’s interest rate swap agreements is determined using a discounted cash flow approach based on market-based LIBOR swap rates.  LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items.  As of December 31, 2011 and December 31, 2012 no fair value measurements for assets or liabilities under Level 3 were recognized in the Company’s consolidated financial statements. </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Fair Value Measurement as of December 31, 2012 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 31.5pt" align="right"> Total </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">  (Level 1) </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> (Level 2) </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> (Level 3) </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Liabilities </div> </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="52%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Interest rate swap contracts, current and long-term portion </div> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 2,393,568 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 2,393,568 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Fair Value Measurement as of December 31, 2011 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 31.5pt" align="right"> Total, </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> l  (Level 1) </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> (Level 2) </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> (Level 3) </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Assets </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="52%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Trading securities </div> </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 27,473 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 27,473 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="52%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Liabilities </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="52%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Interest rate swap contracts, current and long-term portion </div> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 3,451,497 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 3,451,497 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">   - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Total </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 27,473 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 3,451,497 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The estimated fair values of the Company’s financial instruments such as trade receivables, trade accounts payable, cash and cash equivalents and restricted cash approximate their individual carrying amounts as of December 31, 2011 and 2012, due to their short-term maturity. The fair value of the Company’s long term borrowings approximates $58.9 million as of December 31, 2012 or $2.7 million less than its carrying value of $61.6 million. The fair value of the long term borrowings are  estimated based  on current interest rates offered to the Company for similar loans. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence fair value of the  long-term bank loans are considered Level 2 items in accordance with the fair value hierarchy  due to their variable interest rate, being the LIBOR. </div>

60000000

0.10

58900000

2700000

61600000

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Fair Value Measurement as of December 31, 2012 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 31.5pt" align="right"> Total </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">  (Level 1) </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> (Level 2) </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> (Level 3) </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Liabilities </div> </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="52%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Interest rate swap contracts, current and long-term portion </div> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 2,393,568 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 2,393,568 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Fair Value Measurement as of December 31, 2011 </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 31.5pt" align="right"> Total, </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> l  (Level 1) </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> (Level 2) </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> (Level 3) </div> </td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Assets </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="52%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Trading securities </div> </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 27,473 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 27,473 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="52%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Liabilities </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="52%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Interest rate swap contracts, current and long-term portion </div> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 3,451,497 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 3,451,497 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">   - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Total </div> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 27,473 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 3,451,497 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> </tr> </table>

2393568

27473

3451497

27473

3451497

2008-07-14

2009-07-08

2011-01-21

25000000

10000000

0.0399

0.0288

0.0229

P5Y

2008-07-14

2013-07-14

2009-07-08

2014-07-08

2011-01-21

2016-01-21

P480D

P485Y

11350 11430

The contracts are settled on a monthly basis using the average of the BPI for the days of the month the BPI is published.The Company received a payment if the average BPI for the month was below the contract rate equal to the difference of the contract rate less the average BPI for the month times the number of contract days sold; if the average BPI for the month was greater than the contract rate the Company made a payment equal to the difference of the average BPI for the month less the contract rate times the number of contract days sold. If the Company buys contracts previously sold (or the opposite) the Company receives or pays the difference of the two rates for the period covered by the contracts.

P360D

16500

P360D

23500

336552

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" width="39%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Derivatives not designated as hedging instruments </div> </td> <td align="left" valign="bottom" width="37%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block">   </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block">   </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Balance Sheet Location </div> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">   </td> <td align="right" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> December 31, 2011 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-TOP: black 0.5pt solid">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">   </td> <td align="right" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> December 31, 2012 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-TOP: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">   </td> </tr> <tr> <td valign="bottom" width="39%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">   </td> <td valign="bottom" width="37%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-RIGHT: black 0.5pt solid">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="39%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Interest rate swap contracts </div> </td> <td align="left" valign="bottom" width="37%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Current liabilities – Derivatives </div> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,907,088 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,718,438 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-RIGHT: black 0.5pt solid">   </td> </tr> <tr> <td valign="bottom" width="39%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">   </td> <td valign="bottom" width="37%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-RIGHT: black 0.5pt solid">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="39%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Interest rate contracts </div> </td> <td align="left" valign="bottom" width="37%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Long-term liabilities – Derivatives </div> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,544,409 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 675,130 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-RIGHT: black 0.5pt solid">   </td> </tr> <tr> <td valign="bottom" width="39%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid">   </td> <td valign="bottom" width="37%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-RIGHT: black 0.5pt solid">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="39%" style="BORDER-BOTTOM: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Total derivative liabilities </div> </td> <td valign="bottom" width="37%" style="BORDER-BOTTOM: black 0.5pt solid">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right"> 3,451,497 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right"> 2,393,568 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left; BORDER-RIGHT: black 0.5pt solid">   </td> </tr> </table>

3451497

2393568

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" width="32%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Derivatives not designated as hedging instruments </div> </td> <td align="left" valign="bottom" width="32%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block">   </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Location of gain (loss) recognized </div> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">   </td> <td align="right" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> Year Ended December 31, 2010 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-TOP: black 0.5pt solid">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">   </td> <td align="right" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> Year Ended December 31, 2011 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-TOP: black 0.5pt solid">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">   </td> <td align="right" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> Year Ended December 31, 2012 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-TOP: black 0.5pt solid; BORDER-RIGHT: black 0.5pt solid">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="32%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> FFA contracts – Fair value </div> </td> <td align="left" valign="bottom" width="32%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Change in fair value of derivatives </div> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 9,692,455 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (574,336 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-RIGHT: black 0.5pt solid">   </td> </tr> <tr> <td align="left" valign="bottom" width="32%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> FFA contracts   - Realized loss </div> </td> <td align="left" valign="bottom" width="32%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Change in fair value of derivatives </div> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (10,875,776 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 910,088 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (2,247 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-RIGHT: black 0.5pt solid"> ) </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="32%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Interest rate – Fair value </div> </td> <td align="left" valign="bottom" width="32%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Change in fair value of derivatives </div> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (1,468,650 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (76,516 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,057,928 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-RIGHT: black 0.5pt solid">   </td> </tr> <tr> <td align="left" valign="bottom" width="32%" style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Interest rate contracts   - Realized loss </div> </td> <td align="left" valign="bottom" width="32%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Change in fair value of derivatives </div> </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (1,569,846 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (1,758,158 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> ) </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (1,693,084 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-RIGHT: black 0.5pt solid"> ) </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="32%" style="BORDER-BOTTOM: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Total loss on derivatives </div> </td> <td valign="bottom" width="32%" style="BORDER-BOTTOM: black 0.5pt solid">   </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right"> (4,221,817 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"> ) </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right"> (1,498,122 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"> ) </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right"> (637,403 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left; BORDER-RIGHT: black 0.5pt solid"> ) </td> </tr> </table>

9692455

-574336

10875776

-910088

2247

-1468650

-76516

1057928

-1569846

-1758158

-1693084

-4221817

-1498122

-637403

<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-154" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 17. </div> </td> <td> <div align="left"> Investment in Joint Venture </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> On March 25, 2010, the Company entered into a partnership (the “Joint Venture”) with companies managed by Eton Park Capital Management, L.P. ("Eton Park") and Rhône Capital III L.P. ("Rhône") to form Euromar LLC.  Eton Park’s investments are made through Paros Ltd., a Cayman Islands exempted company, and Rhône’s investments are made through the Cayman Islands limited companies All Seas Investors I Ltd., All Seas Investors II Ltd., and the Cayman Islands exempted limited partnership All Seas Investors III LP.  Euromar LLC will acquire, maintain, manage, operate and dispose of shipping vessels.  Pursuant to the terms of the Joint Venture, the Company may invest up to $25.0 million for a 14.286% interest in the Joint Venture, while Eton Park and Rhône may each invest up to $75.0 million for a 42.857% interest in the Joint Venture each,  for a total of $175 million. After March 25, 2012, Eton Park and Rhône have the option to convert part or all of their holdings in the Company’s stock at a conversion ratio based on the ratio of the net asset market values of the Company and the Joint Venture, or the ratio of the Company’s market value multiplied by 0.925 and the net asset market value of the Joint Venture whichever is to the advantage of the Company.  No conversion can take place if any of the net asset market values are negative.   Management of the vessels and various administrative services pertaining to the vessels are performed by Eurobulk and its affiliates; strategic, financial and reporting services are provided by Euroseas. For these services, Euroseas earned $240,000 in 2012. These amounts are recorded in “Related party revenue” under “Revenues”. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> During 2012, the Company contributed $3,750,000 and as of December 31, 2012, the Company has contributed $18.75 million. The Company accounts for its investment in the Joint Venture using the equity method of accounting despite the fact that it is a minority partner, it is considered to have significant influence in the operations and management of Euromar LLC (see “Significant Accounting Policies” – Note 2).  The Company’s share of the results of operations of the Joint Venture is included in the “Consolidated statements of operations” as “Equity loss in joint venture”.  The Company’s share of the results of operations of the Joint Venture amounted to a loss of $(538,833), ($2,415) and ($1,219,692) for the years 2010, 2011 and 2012, respectively.  The Company’s investment in the Joint Venture is recorded in the “Consolidated balance sheets” at its book value which was $14,458,762 and $16,989,061 as of December 31, 2011 and 2012, respectively. </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Summarized financial information for the Joint Venture is as follows: </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom">   </td> <td align="left" valign="bottom">   </td> <td colspan="2" valign="bottom" style="TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2010 </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: right">   </td> <td valign="bottom" style="TEXT-ALIGN: right">   </td> <td colspan="2" valign="bottom" style="TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2011 </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: right">   </td> <td valign="bottom" style="TEXT-ALIGN: right">   </td> <td colspan="2" valign="bottom" style="TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2012 </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td valign="bottom">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> <td valign="bottom">   </td> <td colspan="2" valign="bottom">   </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Current assets </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 7,432,566 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 7,732,697 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 10,912,327 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Long-term assets </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 167,386,946 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 217,878,004 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 242,007,329 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Current liabilities </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 8,002,899 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 16,908,232 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 6,051,142 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Long-term liabilities </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 65,834,481 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 107,737,239 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 127,316,330 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Members’ contributions </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 105,750,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 105,750,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 132,000,000 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Voyage revenue </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 4,479,908 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 29,233,585 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 27,428,223 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Net revenue </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 4,367,197 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 28,107,669 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 26,216,805 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Operating income / (loss) </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (3,388,490 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 6,357,218 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (2,018,854 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="64%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Net loss </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (4,017,868 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (16,902 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> (8,413,047 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> ) </td> </tr> </table>

25000000 0.14286 75.0 0.42857 175000000 0.925

3750000

18750000

14458762

16989061

7432566

7732697

10912327

167386946

217878004

242007329

8002899

16908232

6051142

65834481

107737239

127316330

105750000

132000000

4479908

29233585

27428223

4367197

28107669

26216805

-3388490

6357218

-2018854

-4017868

-16902

-8413047

<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-155" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 18. </div> </td> <td> <div align="justify"> Other Income </div> </td> </tr> </table> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Income of $2,352,946 in 2010, $735,707 in 2011 and $254,604 in 2012 represents insurance proceeds consisting primarily of loss of hire insurance for the period M/V “Eleni P” was hijacked and unable to trade. The Company books such proceeds as other operating income when there is confirmation that its claim is accepted. </div>

2352946

735707

254604

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> 19.           Subsequent Events </div> <table cellpadding="0" cellspacing="0" id="list-40" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> a)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> On February 14, 2012, the Board of Directors declared a cash dividend of $0.015 per Euroseas Ltd. common share.  Such cash dividend was paid on March 9, 2012 to the holders of record of Euroseas Ltd. common shares as of March 2, 2012. </div> </td> </tr> </table>

0.015