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<div class="Section1"><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.1 Basis of Preparation: </font><font style="font-family:'Times New Roman'">The consolidated financial statements have been prepared on a historical cost basis. The consolidated financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($ 000s) except when otherwise indicated.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Going concern basis of accounting: </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">During 2017, the Company agreed to amend its loan agreements with DVB (“DVB”) Bank SE and HSH Nordbank AG (“HSH”) and, accordingly, all loan covenants were either relaxed or waived up to April 1, 2018 (in the case of the DVB Loan Agreement) and March 3, 2018 (in the case of the HSH Loan Agreement). In this respect, as of December 31, 2017, the Company was in compliance with the loan covenants of the agreements with the banks, as amended and in effect. However, the Company may not be able to meet certain of the relaxed terms included in the supplemental agreements with the banks (Note 12) including maintaining a minimum liquidity and minimum net worth once the waivers expire and cannot guarantee that it will be able to obtain new waivers or extensions to these waivers. If the Company is unable to obtain further waivers or extend the existing waivers or meet the terms of these loan agreements without them, it may breach covenants contained in such loan agreements constituting an event of default. If an event of default occurs under the DVB Loan Agreement or the HSH Loan Agreement, due to cross-default provisions included in these agreements, the Company’s lenders could elect to declare the outstanding debt, together with accrued interest and other fees, to be immediately due and payable and proceed against the collateral securing that debt, which could constitute all or substantially all of the Company’s assets. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accordingly, as the Company did not have an unconditional right to defer settlement of the related liability for at least twelve months after the date of the consolidated statement of financial position, the total balance of the loans outstanding to DVB and HSH of $41,538 at December 31, 2017, has been classified as current. As a result, as of December 31, 2017, the Company reported a working capital deficit of $43,323.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Furthermore, its cash flow projections indicated that cash on hand and cash to be provided by operating activities might not be sufficient to cover the liquidity needs, including the debt obligations that become due in the twelve-month period ending following the issuance of these consolidated financial statements. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The above conditions raise substantial doubt about the entity's ability to continue as a going concern. The Company is exploring several alternatives aiming to manage its working capital requirements and other commitments, including negotiations with its lenders to obtain waivers or to restructure the affected debt, future equity security offerings and potential sale of assets. Management expects that the lenders will not demand payment of the loans before their maturity, provided that the Company pays scheduled loan instalments and accumulated interest as they fall due under the existing loan agreements. Management plans to settle loan interest and scheduled loan repayments with cash at hand and cash expected to be generated from the operations and from financing activities. However, as there is no certainty or commitment that any of the options being considered by the Company will materialize, the Company may be unable to continue as a going concern and this could have an impact on the Company’s ability to realize assets at their recognized values and to extinguish liabilities in the normal course of business at the amounts stated in these consolidated financial statements.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Statement of Compliance: </font><font style="font-family:'Times New Roman'">These consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">        </font><font style="font-family:'Times New Roman'; font-weight:bold">       Basis of Consolidation:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font><font style="font-family:'Times New Roman'">The consolidated financial statements comprise the financial statements of Globus and its subsidiaries listed in note 1. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">All inter-company balances and transactions have been eliminated upon consolidation. Subsidiaries are fully consolidated from the date on which control is transferred to the Company and cease to be consolidated from the date on which control is transferred out of the Company.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.2 </font><font style="font-family:'Times New Roman'; font-weight:bold">Standards amendments and interpretations:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">  </font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The accounting policies adopted are consistent with those of previous financial year except for the following amended IFRS which have been adopted by the Company as of January 1, 2017.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">IAS 12: Recognition of Deferred Tax Assets for Unrealized Losses (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The objective of the Amendments is to clarify the requirements of deferred tax assets for unrealized losses in order to address diversity in practice in the application of IAS 12 Income Taxes. The specific issues where diversity in practice existed relate to the existence of a deductible temporary difference upon a decrease in fair value, to recovering an asset for more than its carrying amount, to probable future taxable profit and to combined versus separate assessment. The application of these amendments has no impact on the financial position or the performance of the Company.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">IAS 7: Disclosure Initiative (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The objective of the Amendments is to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. The Amendments specify that one way to fulfil the disclosure requirement is by providing a tabular reconciliation between the opening and closing balances in the statement of financial position for liabilities arising from financing activities, including changes from financing cash flows, changes arising from obtaining or losing control of subsidiaries or other businesses, the effect of changes in foreign exchange rates, changes in fair values and other changes. The application of these amendments have no impact on the financial position or the performance of the Company.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">The IASB has issued the Annual Improvements to IFRSs 2014 – 2016 Cycle</font><font style="font-family:'Times New Roman'">, which is a collection of amendments to IFRSs. This improvement did not have an effect on the Company’s financial statements.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:56.85pt; text-align:justify; padding-left:21.15pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">IFRS 12 Disclosure of Interests in Other Entities: The amendments clarify that the disclosure requirements in IFRS 12, other than those of summarized financial information for subsidiaries, joint ventures and associates, apply to an entity’s interest in a subsidiary, a joint venture or an associate that is classified as held for sale, as held for distribution, or as discontinued operations in accordance with IFRS 5.</font></li></ul><p style="margin-top:0pt; margin-left:71.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">              Standards issued but not yet effective and not early adopted:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">               </font><font style="font-family:'Times New Roman'">The standards and interpretations issued, but not yet effective, up to the date of issuance of the Company’s consolidated financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 9 Financial Instruments: Classification and Measurement: The standard is effective for annual periods beginning on or after January 1, 2018, with early application permitted. The final version of IFRS 9 Financial Instruments reflects all phases of the financial instruments project and replaces IAS 39 Financial Instruments: Recognition and Measurement and all previous versions of IFRS 9. The standard introduces new requirements for classification and measurement, impairment, and hedge accounting.  Management has made an assessment of the effect of the standard and considers it will not have any impact on its financial position or performance.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> IFRS 15 Revenue from Contracts with Customers: The standard is effective for annual periods beginning on or after January 1, 2018. IFRS 15 establishes a five-step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. The standard’s requirements will also apply to the recognition and measurement of gains and losses on the sale of some non-financial assets that are not an output of the entity’s ordinary activities (e.g., sales of property, plant and equipment or intangibles). Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and estimates. The Company will adopt the standard as of January 1, 2018 and is expecting that the adoption will not have a material effect on its financial statements, other than additional disclosure requirements in the notes to the consolidated financial statements, since the Company has chartered its vessels under time charter agreements and, in this respect, revenue is accounted under the leases standard.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 15: Revenue from Contracts with Customers (Clarifications). The Clarifications apply for annual periods beginning on or after January 1, 2018, with earlier application permitted. The objective of the Clarifications is to clarify the IASB’s intentions when developing the requirements in IFRS 15 Revenue from Contracts with Customers, particularly the accounting of identifying performance obligations amending the wording of the “separately identifiable” principle, of principal versus agent considerations including the assessment of whether an entity is a principal or an agent as well as applications of control principle and of licensing providing additional guidance for accounting of intellectual property and royalties. The Clarifications also provide additional practical expedients for entities that either apply IFRS 15 fully retrospectively or that elect to apply the modified retrospective approach.</font><font style="font-family:'Times New Roman'; font-size:12pt"> </font><font style="font-family:'Times New Roman'; font-style:italic">The Company will adopt the standard as of January 1, 2018 and is expecting that the adoption will not have a material effect on its financial statements, other than additional disclosure requirements in the notes to the financial statements, since the Company has chartered its vessels under time charter agreements, and in this respect revenue is accounted under the leases standard.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 16: Leases</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The standard is effective for annual periods beginning on or after January 1, 2019. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer (‘lessee’) and the supplier (‘lessor’). The new standard requires lessees to recognize most leases on their financial statements. Lessees will have a single accounting model for all leases, with certain exemptions. Lessor accounting is substantially unchanged. Management anticipates that the implementation of this standard will not have a material impact on the Company's financial statements, since the changes for lessors are fairly minor.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 17: Insurance Contracts</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The standard is effective for annual periods beginning on or after January 1, 2021 with earlier application permitted if both IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments have also been applied. IFRS 17 Insurance Contracts establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts issued. It also requires similar principles to be applied to reinsurance contracts held and investment contracts with discretionary participation features issued. The objective is to ensure that entities provide relevant information in a way that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that contracts within the scope of IFRS 17 have on the financial position, financial performance and cash flows of an entity. The application of this standard will have no impact on the financial position or the performance of the Company.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture.  The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015 the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 2: Classification and Measurement of Share based Payment Transactions (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The Amendments are effective for annual periods beginning on or after January 1, 2018 with earlier application permitted. The Amendments provide requirements on the accounting for the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments, for share-based payment transactions with a net settlement feature for withholding tax obligations and for modifications to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled. Management is in the process of assessing the impact of IFRS 2 Amendments on the Company’s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 4: Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Amendments) </font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The Amendments are effective for annual periods beginning on or after January 1, 2018.  The amendments address concerns arising from implementing the new financial instruments Standard, IFRS 9, before implementing the new insurance contracts standard that the Board is developing to replace IFRS 4. The amendments introduce two options for entities issuing insurance contracts: a temporary exemption from applying IFRS 9 and an overlay approach, which would permit entities that issue contracts within the scope of IFRS 4 to reclassify, from profit or loss to other comprehensive income, some of the income or expenses arising from designated financial assets. The Company does not expect that these amendments will have an impact on its financial position or performance.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IAS 40: Transfers to Investment Property (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The Amendments are effective for annual periods beginning on or after January 1, 2018, with earlier application permitted. The Amendments clarify when an entity should transfer property, including property under construction or development into, or out of investment property. The Amendments state that a change in use occurs when the property meets, or ceases to meet, the definition of investment property and there is evidence of the change in use. A mere change in management’s intentions for the use of a property does not provide evidence of a change in use. The Company does not expect that these amendments will have an impact on its financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 9 Amendment: Prepayment features with negative compensation</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The Amendment is effective for annual reporting periods beginning on or after January 1, 2019, with earlier application permitted. The Amendment allows financial assets with prepayment features that permit or require a party to a contract either to pay or receive reasonable compensation for the early termination of the contract (so that, from the perspective of the holder of the asset there may be ‘negative compensation’), to be measured at amortized cost or at fair value through other comprehensive income. Management is in the process of assessing the impact of this Amendment on the Company’s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IAS 28 Amendments: Long-term Interests in Associates and Joint Ventures</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The Amendments are effective for annual reporting periods beginning on or after January 1, 2019, with earlier application permitted. The Amendments relate to whether the measurement, in particular impairment requirements, of long term interests in associates and joint ventures that, in substance, form part of the ‘net investment’ in the associate or joint venture should be governed by IFRS 9, IAS 28 or a combination of both. The Amendments clarify that an entity applies IFRS 9 Financial Instruments, before it applies IAS 28, to such long-term interests for which the equity method is not applied. In applying IFRS 9, the entity does not take account of any adjustments to the carrying amount of long- term interests that arise from applying IAS 28. Management does not expect that these amendments will have an impact on its financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IAS 19: Plan Amendment, Curtailment or Settlement (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The Amendments are effective for annual periods beginning on or after January 1, 2019, with earlier application permitted. The amendments require entities to use updated actuarial assumptions to determine current service cost and net interest for the remainder of the annual reporting period after a plan amendment, curtailment or settlement has occurred. The amendments also clarify how the accounting for a plan amendment, curtailment or settlement affects applying the asset ceiling requirements. Management does not expect that these amendments will have an impact on its financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRIC INTERPETATION 22: Foreign Currency Transactions and Advance Consideration</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The Interpretation is effective for annual periods beginning on or after January 1, 2018, with earlier application permitted. The Interpretation clarifies the accounting for transactions that include the receipt or payment of advance consideration in a foreign currency. The Interpretation covers foreign currency transactions when an entity recognizes a non-monetary asset or a non-monetary liability arising from the payment or receipt of advance consideration before the entity recognizes the related asset, expense or income. The Interpretation states that the date of the transaction, for the purpose of determining the exchange rate, is the date of initial recognition of the non-monetary prepayment asset or deferred income liability. If there are multiple payments or receipts in advance, then the entity must determine a date of the transactions for each payment or receipt of advance consideration. The Company does not expect that this interpretation will have an impact on its financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">IASB has issued the Annual Improvements to IFRSs 2014 – 2016 Cycle</font><font style="font-family:'Times New Roman'; font-style:italic">, which is a collection of amendments to IFRSs. The amendments are effective for annual periods beginning on or after January 1, 2018, for IFRS 1 First-time Adoption of International Financial Reporting Standards and for IAS 28 Investments in Associates and Joint Ventures. Earlier application is permitted for IAS 28 Investments in Associates and Joint Ventures. The Company does not expect that these amendments will have an impact on its financial position or performance.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:65.6pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 1 First-time Adoption of International Financial Reporting Standards: This improvement deletes the short-term exemptions regarding disclosures about financial instruments, employee benefits and investment entities, applicable for first time adopters.</font></li><li style="margin-left:65.6pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IAS 28 Investments in Associates and Joint Ventures: The amendments clarify that the election to measure at fair value through profit or loss an investment in an associate or a joint venture that is held by an entity that is venture capital organization, or other qualifying entity, is available for each investment in an associate or joint venture on an investment-by-investment basis, upon initial recognition.</font></li></ul><p style="margin-top:0pt; margin-left:71.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:71.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:30.44pt; text-align:justify; padding-left:5.01pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font><font style="font-family:'Times New Roman'; font-style:italic">IFRIC INTERPETATION 23: Uncertainty over Income Tax Treatments </font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The Interpretation is effective for annual periods beginning on or after January 1, 2019, with earlier application permitted. The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12. The Interpretation provides guidance on considering uncertain tax treatments separately or together, examination by tax authorities, the appropriate method to reflect uncertainty and accounting for changes in facts and circumstances The Company does not expect that this interpretation will have an impact on its financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:30.44pt; text-align:justify; padding-left:5.01pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">IASB has issued the Annual Improvements to IFRSs 2015 – 2017 Cycle</font><font style="font-family:'Times New Roman'; font-style:italic">, which is a collection of amendments to IFRSs. The amendments are effective for annual periods beginning on or after January 1, 2019, with earlier application permitted. Management is in the process of assessing the impact of these Amendments on the Company’s financial position or performance.</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 3 Business Combinations and IFRS 11 Joint Arrangements: The amendments to IFRS 3 clarify that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. The amendments to IFRS 11 clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business.</font></li><li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IAS 12 Income Taxes: The amendments clarify that the income tax consequences of payments on financial instruments classified as equity should be recognized according to where the past transactions or events that generated distributable profits has been recognized.</font></li><li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IAS 23 Borrowing Costs: The amendments clarify paragraph 14 of the standard that, when a qualifying asset is ready for its intended use or sale, and some of the specific borrowing related to that qualifying asset remains outstanding at that point, that borrowing is to be included in the funds that an entity borrows generally.</font></li></ul></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.3 Significant accounting policies, judgments, estimates and assumptions:</font><font style="font-family:'Times New Roman'; font-style:italic"> </font><font style="font-family:'Times New Roman'">The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenues and expenses recognised during the reporting period.  However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">            Judgments: </font><font style="font-family:'Times New Roman'">In the process of applying the Company’s accounting policies, management has made the following judgments that had a significant effect on the amounts recognised in the consolidated financial statements.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:22.5pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Allowance for doubtful trade accounts receivable: </font><font style="font-family:'Times New Roman'">Provisions</font><font style="font-family:'Times New Roman'; font-style:italic"> </font><font style="font-family:'Times New Roman'">for doubtful trade receivables are recorded based on management’s expectations on future trade receivables recoveries. Provisions for doubtful trade receivables as of December 31, 2017 and 2016, were $138 and $47, respectively.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Estimates and assumptions: </font><font style="font-family:'Times New Roman'">The key assumptions concerning the future and other key sources of estimation uncertainty at the financial position date, that have a significant risk of causing a significant adjustment to the carrying amount of assets and liabilities within the next financial year, are discussed below. </font><font style="font-family:'Times New Roman'">The Company based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Carrying amount of vessels, net</font><font style="font-family:'Times New Roman'">: Vessels are stated at cost, less accumulated depreciation </font><font style="font-family:'Times New Roman'">(including depreciation of dry-docking costs and the amortization of the component attributable to favourable or unfavourable lease terms relative to market terms)</font><font style="font-family:'Times New Roman'"> and accumulated impairment losses. The estimates and assumptions that have the most significant effect on the vessels carrying amount are estimations in relation to useful lives of vessels, their residual value and estimated dry docking dates. The key assumptions used are further explained in notes 2.9 to 2.13. </font></li></ul><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Impairment of Non-Financial Assets</font><font style="font-family:'Times New Roman'">: The Company’s impairment test for non-financial assets is based on the assets’ recoverable amount, where the recoverable amount is the greater of fair value less costs to sell and value in use. The Company engaged independent valuation specialists to determine the fair value of non-financial assets as at December 31, 2017. The value in use calculation is based on a discounted cash flow model. The value in use calculation is most sensitive to the discount rate used for the discounted cash flow model as well as the expected net cash flows and the growth rate used for extrapolation. </font><font style="font-family:'Times New Roman'">See notes 2.13 and 5</font><font style="font-family:'Times New Roman'">.</font></li></ul><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Share based payments</font><font style="font-family:'Times New Roman'; font-weight:bold">: </font><font style="font-family:'Times New Roman'">The</font><font style="font-family:'Times New Roman'; font-weight:bold"> </font><font style="font-family:'Times New Roman'">Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based payment transactions may require determination of the most appropriate valuation model, which is depended on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including, expected volatility and dividend yield and making assumptions about them. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in note 13. </font></li></ul></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.4 Accounting for revenue and related expenses:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font><font style="font-family:'Times New Roman'">The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered using time charters and bareboat, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. If a time charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognised on a straight line basis over the period of the time charter. Such revenues are treated in accordance with IAS 17 as lease income as explained in note 2.23 below. Associated voyage expenses are recognised on a pro-rata basis over the duration of the period of the time charter. Deferred revenue relates to cash received prior to the financial position date and is related to revenue earned after such date. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">            Interest income</font><font style="font-family:'Times New Roman'">: interest income is recognised as interest on an accrual basis.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Voyage expenses</font><font style="font-family:'Times New Roman'">: Voyage expenses primarily consist of port expenses and owners’ expenses borne and paid by the charterer, canal and bunker expenses that are unique to a particular charter under time charter arrangements or by the Company under voyage charter arrangements. Furthermore, voyage expenses include commission on revenue paid by the Company. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">            Vessel operating expenses: </font><font style="font-family:'Times New Roman'"> Vessel operating expenses are accounted for on an accruals basis.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.5 Foreign currency translation:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font><font style="font-family:'Times New Roman'">The functional currency of Globus and its subsidiaries is the U.S. dollar, which is also the presentation currency of the Company, since the Company’s vessels operate in international shipping markets, whereby the U.S. dollar is the currency used for transactions. Transactions involving other currencies during the period are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the financial position dates, monetary assets and liabilities, which are denominated in currencies other than the U.S. dollar, are translated into the functional currency using the period-end exchange rate. Gains or losses resulting from foreign currency transactions are included in foreign exchange gains/(losses), net in the consolidated statement of comprehensive loss. </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.6 Cash and cash equivalents:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">  </font><font style="font-family:'Times New Roman'">The Company considers highly liquid investments such as time deposits and certificates of deposit with original maturity of three months or less to be cash and cash equivalents.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.7 Trade receivables, net</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">: </font><font style="font-family:'Times New Roman'">The amount shown as trade receivables at each financial position date includes estimated recoveries from charterers for hire, freight and demurrage billings, net of an allowance for doubtful accounts. Trade receivables are measured at amortized cost less impairment losses, which are recognized in the consolidated statement of comprehensive loss. At each financial position date, all potentially uncollectible accounts are assessed individually for the purpose of determining the appropriate allowance for doubtful accounts. The provision for doubtful accounts at December 31, 2017 was $138 (2016:$47).</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.8 Inventories:</font><font style="font-family:'Times New Roman'"> Inventories consist of lubricants, bunkers and gas cylinders and are stated at the lower of cost and net realisable value. The cost is determined by the first-in, first-out method.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.9 Vessels, net:</font><font style="font-family:'Times New Roman'"> Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking costs and amortization of components attributable to favourable or unfavourable lease terms relative to market terms) and accumulated impairment losses.  Vessel cost consists of the contract price for the vessel and any material expenses incurred upon acquisition (initial repairs, improvements and delivery expenses, interest, commissions paid and on-site supervision costs incurred during the construction periods). Any seller’s credit, i.e., amounts received from the seller of the vessels until date of delivery is deducted from the cost of the vessel. Subsequent expenditures for conversions and major improvements are also capitalised when the recognition criteria are met. Otherwise these amounts are charged to expenses as incurred. </font></p></div>
<div class="Section1"><h1 style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">2.10 Deferred dry-docking costs: </font><font style="font-family:'Times New Roman'; font-weight:normal">Vessels are required to be dry-docked for major repairs and maintenance that cannot be performed while the vessels are operating. Dry-dockings occur approximately every 2.5 years. The costs associated with the dry-dockings are capitalised and depreciated on a straight-line basis over the period between dry-dockings, to a maximum of 2.5 years.</font><font style="font-family:'Times New Roman'">  </font><font style="font-family:'Times New Roman'; font-weight:normal">At the date of acquisition of a vessel, management estimates the component of the cost that corresponds to the economic benefit to be derived until the first scheduled dry-docking of the vessel under the ownership of the Company and this component is depreciated on a straight-line basis over the remaining period through the estimated dry-docking date.</font></h1><p style="margin-top:14pt; margin-left:30pt; margin-bottom:14pt; text-align:justify; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:14pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.11 Depreciation</font><font style="font-family:'Times New Roman'; font-weight:bold">:</font><font style="font-family:'Times New Roman'"> The cost of each of the Company’s vessels is depreciated on a straight-line basis over each vessel’s remaining useful economic life, after considering the estimated residual value of each vessel, beginning when the vessel is ready for its intended use. Management estimates that the useful life of new vessels is 25 years, which is consistent with industry practice. The residual value of a vessel is the product of its lightweight tonnage and estimated scrap value per lightweight ton. The residual values and useful lives are reviewed at each reporting date and adjusted prospectively, if appropriate. During the fourth quarter of 2015, the Company reduced the scrap rate from $335/ton to $240/ton due to the reduced scrap rates worldwide. This resulted to an additional depreciation expense of $91 included in the consolidated statement of comprehensive loss for 2015. During the second quarter of 2016, the Company reduced the scrap rate from $240/ton to $200/ton due to the reduced scrap rates worldwide. This resulted to an additional depreciation expense of $96 included in the consolidated statement of comprehensive loss for 2016. During the third quarter of 2017, the Company adjusted the scrap rate from $200/ton to $250/ton due to the increased scrap rates worldwide. This resulted to a decrease of $86 of the depreciation charge included in the consolidated statement of comprehensive loss for 2017.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.12 Amortization of lease component:</font><font style="font-family:'Times New Roman'"> When the Company acquires a vessel subject to an operating lease, it amortizes the amount reflected in the cost of that vessel that is attributable to favourable or unfavourable lease terms relevant to market terms, over the remaining term of the lease</font><font style="font-family:'Times New Roman'; background-color:#ffffff">. The amortization is included in the line “amortization</font><font style="font-family:'Times New Roman'"> of fair value of time charter attached to vessels” in the income statement component of the consolidated statement of comprehensive loss.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.13 Impairment of non-financial assets:</font><font style="font-family:'Times New Roman'"> The Company assesses at each reporting date whether there is an indication that a vessel may be impaired. The vessel’s recoverable amount is estimated when events or changes in circumstances indicate the carrying value may not be recoverable. If such indication exists and where the carrying value exceeds the estimated recoverable amounts, the vessel is written down to its recoverable amount. The recoverable amount is the greater of fair value less costs to sell and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the vessel. Impairment losses are recognised in the consolidated statement of comprehensive loss. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the consolidated statement of comprehensive loss. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life (refer to note 5).</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.14 Long-term debt</font><font style="font-family:'Times New Roman'; font-weight:bold">:</font><font style="font-family:'Times New Roman'"> Long-term debt is initially recognised at the fair value of the consideration received net of financing costs directly attributable to the borrowing.  After initial recognition, long-term debt is subsequently measured at amortized cost using the effective interest rate method.  Amortized cost is calculated by taking into account any financing costs and any discount or premium on settlement. Gains and losses are recognised in net profit or loss when the liabilities are derecognised or impaired, as well as through the amortization process.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.15 Financing costs:</font><font style="font-family:'Times New Roman'"> Fees incurred for obtaining new loans or refinancing existing loans are deferred and amortized over the life of the related debt, using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made. </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.16 Borrowing costs: </font><font style="font-family:'Times New Roman'">Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing of funds.</font><font style="font-family:'Times New Roman'; font-weight:bold"> </font><font style="font-family:'Times New Roman'">Borrowing costs are expensed to the income statement component of the consolidated statement of comprehensive loss as incurred under “interest expense and finance costs” except borrowing costs that relate to a qualifying asset. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. Borrowing costs that relate to qualifying assets are capitalised. For the years ended December 31, 2017, 2016 and 2015, the Company had no qualifying assets.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.17 Operating segment:</font><font style="font-family:'Times New Roman'"> The Company reports financial information and evaluates its operations by charter revenues and not by other factors such as length of ship employment for its customers i.e., spot or time charters or type of vessel. 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 as one operating 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.      </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.18 Provisions and contingencies: </font><font style="font-family:'Times New Roman'">Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and, a reliable estimate of the amount of the obligation can be made. </font><font style="font-family:'Times New Roman'">Provisions are reviewed at each financial position date and adjusted to reflect the present value of the expenditure expected to be required to settle the obligation. Contingent liabilities are not recognized in the financial statements but are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote, in which case there is no disclosure. Contingent assets are not recognized in the financial statements but are disclosed when an inflow of economic benefits is probable.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.19 Pension and retirement benefit obligations: </font><font style="font-family:'Times New Roman'">The crew on board the vessels owned by the ship-owning companies owned by Globus is under short-term contracts (usually up to nine months) and, accordingly, no one is liable for any pension or post-retirement benefits payable to the crew. </font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Provision for employees’ severance compensation: </font><font style="font-family:'Times New Roman'">The Greek employees, of the Company are bound by the Greek Labour law. Accordingly, compensation is payable to such employees upon dismissal or retirement. The amount of compensation is based on the number of years of service and the amount of remuneration at the date of dismissal or retirement. If the employees’ remain in the employment of the Company until normal retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that will remain with the Company until retirement age is not known. The Company has provided for the employees’ retirement compensation liability, an amount of $82 as at December 31, 2017 (2016:$78), calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement of financial position.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.20 Offsetting of financial assets and liabilities: </font><font style="font-family:'Times New Roman'">Financial assets and liabilities are offset and the net amount is presented in the consolidated financial position only when the Company has a legally enforceable right to set off the recognised amounts and intend either to settle such asset and liability on a net basis or to realize the asset and settle the liability simultaneously.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.21 Derecognition of financial assets and liabilities:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(i)Financial assets: A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised where:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the rights to receive cash flows from the asset have expired;</font></li><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the Company retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a “pass-through” arrangement; or </font></li><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the Company has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the assets, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Where the Company has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Company’s continuing involvement in the asset. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ol start="2" type="i" style="margin:0pt; padding-left:0pt"><li style="margin-left:15.25pt; text-align:justify; padding-left:20.75pt; font-family:'Times New Roman'; font-size:9pt"><font>Financial liabilities: A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. </font></li></ol><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and, the difference in the respective carrying amounts is recognised in profit or loss.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.22 Leases – where the Company is the lessee: </font><font style="font-family:'Times New Roman'; letter-spacing:-0.1pt">Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the </font><font style="font-family:'Times New Roman'">income statement component of the </font><font style="font-family:'Times New Roman'; letter-spacing:-0.1pt">consolidated statement of comprehensive loss on a straight-line basis over the period of the lease.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.23 Leases – where an entity is the lessor: </font><font style="font-family:'Times New Roman'">Leases of vessels where the entity does not transfer substantially all the risks and benefits of ownership of the vessel are classified as operating leases. Lease income on operating leases is recognised on a straight-line basis over the lease term. Contingent rents are recognised as revenue in the period in which they are earned. </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.24 Insurance: </font><font style="font-family:'Times New Roman'">The Company recognizes insurance claim recoveries for insured losses incurred on damage to vessels.  Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s vessels suffer insured damages. They include the recoveries from the insurance companies for the claims, provided there is evidence the amounts are virtually certain to be received.  </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.25 Share based compensation: </font><font style="font-family:'Times New Roman'">Globus operates equity-settled, share-based compensation plans. The value of the service received in exchange of the grant of shares is recognized as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the share awards at the grant date. The relevant expense is recognized in the income statement component of the consolidated statement of comprehensive loss, with a corresponding impact in equity.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.26 Share capital</font><font style="font-family:'Times New Roman'; font-weight:bold; letter-spacing:-0.1pt">: </font><font style="font-family:'Times New Roman'">Common shares and preferred shares are classified as equity. Incremental costs directly attributable to the issue of new shares are recognised in equity as a deduction from the proceeds.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.27 Dividends</font><font style="font-family:'Times New Roman'; font-weight:bold; letter-spacing:-0.1pt">: </font><font style="font-family:'Times New Roman'">Dividends to shareholders are recognised in the period in which the dividends are declared and appropriately authorised and are accounted for as dividends payable until paid. </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.28 Non-current assets held for sale: </font><font style="font-family:'Times New Roman'">Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. If the carrying amount exceeds fair value less costs to sell, the Company recognises a loss under reversal of impairment/(impairment loss) in the income statement component of the consolidated statement of comprehensive loss, if the non-current asset or disposal group is subsequently remeasured at fair value less costs to sell, any difference with the carrying amount is recognised under reversal of impairment/ (impairment loss) in the income statement component of the consolidated statement of comprehensive loss. </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a complete sale within one year from the date of classification. Events or circumstances may extend the period to complete the sale beyond one year. An extension of the period required to complete a sale does not preclude an asset from being classified as held for sale if the delay is caused by events or circumstances beyond the entity’s control and there is sufficient evidence that the entity remains committed to its plan to sell the asset. Non-current assets once classified as held for sale are not depreciated or amortized. If the Company has classified an asset as held for sale but the criteria discussed above are no longer met, the Company ceases to classify the asset as held for sale. The Company measures a non-current asset that ceases to be classified as held for sale at the lower of a) its carrying amount before the asset was classified as held for sale, adjusted for any depreciation, amortization or revaluation that would have been recognised had the asset not been classified as held for sale and b) its recoverable amount at the date of the subsequent decision to cease classifying the asset as held for sale. The Company includes any adjustment to the carrying amount of an asset that ceases to be classified as held for sale in the consolidated statement of comprehensive loss in the period the criteria are no longer met. Refer to note 5.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.29 Fair value measurement:</font><font style="font-family:'Times New Roman'"> The Company measures financial instruments, such as, derivatives, and non-financial assets such as vessels held for sale, at fair value at each reporting date. In addition fair values of financial instruments measured at amortised cost are disclosed in note 22. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either, a) in the principal market for the asset or the liability or b) in the absence of a principal market, in the most advantageous market for the asset or liability both being accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that the market participants would use when pricing the asset or liability, assuming that the market participants act in their best economic interest. A fair value measurement of a non-financial asset takes into account the a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company uses the following hierarchy for determining and disclosing the fair value of assets and liabilities by valuation technique:</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.</font></p><p style="margin-top:0pt; margin-left:81pt; margin-bottom:0pt; text-indent:-45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:81pt; margin-bottom:0pt; text-indent:-45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.</font></p><p style="margin-top:0pt; margin-left:81pt; margin-bottom:0pt; text-indent:-45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:81pt; margin-bottom:0pt; text-indent:-45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization at the end of each reporting period. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company engaged independent valuation specialists to determine the fair value of non-financial assets</font><font style="font-family:'Times New Roman'">    </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.30 Current versus non-current classification:</font><font style="font-family:'Times New Roman'"> The Company presents assets and liabilities in the statement of financial position based on current/non-current classification. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">            An asset as current when it is:</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Expected to be realised or intended to be sold or consumed in a normal operating cycle </font></li><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Held primarily for the purpose of trading </font></li><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Expected to be realised within twelve months after the reporting period</font></li><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Cash or cash equivalent</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">            All other assets are classified as non-current. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">            </font><font style="font-family:'Times New Roman'">A liability is current:</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">It is expected to be settled in a normal operating cycle</font></li><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">It is held primarily for the purpose of trading </font></li><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">It is due to be settled within twelve months after the reporting period</font></li><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">            All other liabilities are classified as non-current</font></p></div>
<div class="Section1"><h1 style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">2. Basis of Preparation and Significant Accounting Policies</font></h1><h1 style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-18pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></h1><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_6f373e4c44f2458eb2702507ef98c243"><font style="font-family:'Times New Roman'; font-weight:bold">2.1 Basis of Preparation: </font><font style="font-family:'Times New Roman'">The consolidated financial statements have been prepared on a historical cost basis. The consolidated financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($ 000s) except when otherwise indicated.</font></a></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Going concern basis of accounting: </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">During 2017, the Company agreed to amend its loan agreements with DVB (“DVB”) Bank SE and HSH Nordbank AG (“HSH”) and, accordingly, all loan covenants were either relaxed or waived up to April 1, 2018 (in the case of the DVB Loan Agreement) and March 3, 2018 (in the case of the HSH Loan Agreement). In this respect, as of December 31, 2017, the Company was in compliance with the loan covenants of the agreements with the banks, as amended and in effect. However, the Company may not be able to meet certain of the relaxed terms included in the supplemental agreements with the banks (Note 12) including maintaining a minimum liquidity and minimum net worth once the waivers expire and cannot guarantee that it will be able to obtain new waivers or extensions to these waivers. If the Company is unable to obtain further waivers or extend the existing waivers or meet the terms of these loan agreements without them, it may breach covenants contained in such loan agreements constituting an event of default. If an event of default occurs under the DVB Loan Agreement or the HSH Loan Agreement, due to cross-default provisions included in these agreements, the Company’s lenders could elect to declare the outstanding debt, together with accrued interest and other fees, to be immediately due and payable and proceed against the collateral securing that debt, which could constitute all or substantially all of the Company’s assets. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accordingly, as the Company did not have an unconditional right to defer settlement of the related liability for at least twelve months after the date of the consolidated statement of financial position, the total balance of the loans outstanding to DVB and HSH of $41,538 at December 31, 2017, has been classified as current. As a result, as of December 31, 2017, the Company reported a working capital deficit of $43,323.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Furthermore, its cash flow projections indicated that cash on hand and cash to be provided by operating activities might not be sufficient to cover the liquidity needs, including the debt obligations that become due in the twelve-month period ending following the issuance of these consolidated financial statements. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The above conditions raise substantial doubt about the entity's ability to continue as a going concern. The Company is exploring several alternatives aiming to manage its working capital requirements and other commitments, including negotiations with its lenders to obtain waivers or to restructure the affected debt, future equity security offerings and potential sale of assets. Management expects that the lenders will not demand payment of the loans before their maturity, provided that the Company pays scheduled loan instalments and accumulated interest as they fall due under the existing loan agreements. Management plans to settle loan interest and scheduled loan repayments with cash at hand and cash expected to be generated from the operations and from financing activities. However, as there is no certainty or commitment that any of the options being considered by the Company will materialize, the Company may be unable to continue as a going concern and this could have an impact on the Company’s ability to realize assets at their recognized values and to extinguish liabilities in the normal course of business at the amounts stated in these consolidated financial statements.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Statement of Compliance: </font><font style="font-family:'Times New Roman'">These consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">        </font><font style="font-family:'Times New Roman'; font-weight:bold">       Basis of Consolidation:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font><font style="font-family:'Times New Roman'">The consolidated financial statements comprise the financial statements of Globus and its subsidiaries listed in note 1. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">All inter-company balances and transactions have been eliminated upon consolidation. Subsidiaries are fully consolidated from the date on which control is transferred to the Company and cease to be consolidated from the date on which control is transferred out of the Company.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">       </font><a name="DM_MAP_e665924de0e644b7a8ade179d219885f"></a></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.2 </font><font style="font-family:'Times New Roman'; font-weight:bold">Standards amendments and interpretations:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">  </font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The accounting policies adopted are consistent with those of previous financial year except for the following amended IFRS which have been adopted by the Company as of January 1, 2017.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">IAS 12: Recognition of Deferred Tax Assets for Unrealized Losses (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The objective of the Amendments is to clarify the requirements of deferred tax assets for unrealized losses in order to address diversity in practice in the application of IAS 12 Income Taxes. The specific issues where diversity in practice existed relate to the existence of a deductible temporary difference upon a decrease in fair value, to recovering an asset for more than its carrying amount, to probable future taxable profit and to combined versus separate assessment. The application of these amendments has no impact on the financial position or the performance of the Company.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">IAS 7: Disclosure Initiative (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The objective of the Amendments is to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. The Amendments specify that one way to fulfil the disclosure requirement is by providing a tabular reconciliation between the opening and closing balances in the statement of financial position for liabilities arising from financing activities, including changes from financing cash flows, changes arising from obtaining or losing control of subsidiaries or other businesses, the effect of changes in foreign exchange rates, changes in fair values and other changes. The application of these amendments have no impact on the financial position or the performance of the Company.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">The IASB has issued the Annual Improvements to IFRSs 2014 – 2016 Cycle</font><font style="font-family:'Times New Roman'">, which is a collection of amendments to IFRSs. This improvement did not have an effect on the Company’s financial statements.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:56.85pt; text-align:justify; padding-left:21.15pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">IFRS 12 Disclosure of Interests in Other Entities: The amendments clarify that the disclosure requirements in IFRS 12, other than those of summarized financial information for subsidiaries, joint ventures and associates, apply to an entity’s interest in a subsidiary, a joint venture or an associate that is classified as held for sale, as held for distribution, or as discontinued operations in accordance with IFRS 5.</font></li></ul><p style="margin-top:0pt; margin-left:71.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">              Standards issued but not yet effective and not early adopted:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">               </font><font style="font-family:'Times New Roman'">The standards and interpretations issued, but not yet effective, up to the date of issuance of the Company’s consolidated financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective.</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 9 Financial Instruments: Classification and Measurement: The standard is effective for annual periods beginning on or after January 1, 2018, with early application permitted. The final version of IFRS 9 Financial Instruments reflects all phases of the financial instruments project and replaces IAS 39 Financial Instruments: Recognition and Measurement and all previous versions of IFRS 9. The standard introduces new requirements for classification and measurement, impairment, and hedge accounting.  Management has made an assessment of the effect of the standard and considers it will not have any impact on its financial position or performance.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> IFRS 15 Revenue from Contracts with Customers: The standard is effective for annual periods beginning on or after January 1, 2018. IFRS 15 establishes a five-step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. The standard’s requirements will also apply to the recognition and measurement of gains and losses on the sale of some non-financial assets that are not an output of the entity’s ordinary activities (e.g., sales of property, plant and equipment or intangibles). Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and estimates. The Company will adopt the standard as of January 1, 2018 and is expecting that the adoption will not have a material effect on its financial statements, other than additional disclosure requirements in the notes to the consolidated financial statements, since the Company has chartered its vessels under time charter agreements and, in this respect, revenue is accounted under the leases standard.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 15: Revenue from Contracts with Customers (Clarifications). The Clarifications apply for annual periods beginning on or after January 1, 2018, with earlier application permitted. The objective of the Clarifications is to clarify the IASB’s intentions when developing the requirements in IFRS 15 Revenue from Contracts with Customers, particularly the accounting of identifying performance obligations amending the wording of the “separately identifiable” principle, of principal versus agent considerations including the assessment of whether an entity is a principal or an agent as well as applications of control principle and of licensing providing additional guidance for accounting of intellectual property and royalties. The Clarifications also provide additional practical expedients for entities that either apply IFRS 15 fully retrospectively or that elect to apply the modified retrospective approach.</font><font style="font-family:'Times New Roman'; font-size:12pt"> </font><font style="font-family:'Times New Roman'; font-style:italic">The Company will adopt the standard as of January 1, 2018 and is expecting that the adoption will not have a material effect on its financial statements, other than additional disclosure requirements in the notes to the financial statements, since the Company has chartered its vessels under time charter agreements, and in this respect revenue is accounted under the leases standard.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 16: Leases</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The standard is effective for annual periods beginning on or after January 1, 2019. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer (‘lessee’) and the supplier (‘lessor’). The new standard requires lessees to recognize most leases on their financial statements. Lessees will have a single accounting model for all leases, with certain exemptions. Lessor accounting is substantially unchanged. Management anticipates that the implementation of this standard will not have a material impact on the Company's financial statements, since the changes for lessors are fairly minor.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 17: Insurance Contracts</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The standard is effective for annual periods beginning on or after January 1, 2021 with earlier application permitted if both IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments have also been applied. IFRS 17 Insurance Contracts establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts issued. It also requires similar principles to be applied to reinsurance contracts held and investment contracts with discretionary participation features issued. The objective is to ensure that entities provide relevant information in a way that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that contracts within the scope of IFRS 17 have on the financial position, financial performance and cash flows of an entity. The application of this standard will have no impact on the financial position or the performance of the Company.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture.  The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015 the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 2: Classification and Measurement of Share based Payment Transactions (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The Amendments are effective for annual periods beginning on or after January 1, 2018 with earlier application permitted. The Amendments provide requirements on the accounting for the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments, for share-based payment transactions with a net settlement feature for withholding tax obligations and for modifications to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled. Management is in the process of assessing the impact of IFRS 2 Amendments on the Company’s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 4: Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Amendments) </font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The Amendments are effective for annual periods beginning on or after January 1, 2018.  The amendments address concerns arising from implementing the new financial instruments Standard, IFRS 9, before implementing the new insurance contracts standard that the Board is developing to replace IFRS 4. The amendments introduce two options for entities issuing insurance contracts: a temporary exemption from applying IFRS 9 and an overlay approach, which would permit entities that issue contracts within the scope of IFRS 4 to reclassify, from profit or loss to other comprehensive income, some of the income or expenses arising from designated financial assets. The Company does not expect that these amendments will have an impact on its financial position or performance.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IAS 40: Transfers to Investment Property (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The Amendments are effective for annual periods beginning on or after January 1, 2018, with earlier application permitted. The Amendments clarify when an entity should transfer property, including property under construction or development into, or out of investment property. The Amendments state that a change in use occurs when the property meets, or ceases to meet, the definition of investment property and there is evidence of the change in use. A mere change in management’s intentions for the use of a property does not provide evidence of a change in use. The Company does not expect that these amendments will have an impact on its financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 9 Amendment: Prepayment features with negative compensation</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The Amendment is effective for annual reporting periods beginning on or after January 1, 2019, with earlier application permitted. The Amendment allows financial assets with prepayment features that permit or require a party to a contract either to pay or receive reasonable compensation for the early termination of the contract (so that, from the perspective of the holder of the asset there may be ‘negative compensation’), to be measured at amortized cost or at fair value through other comprehensive income. Management is in the process of assessing the impact of this Amendment on the Company’s financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IAS 28 Amendments: Long-term Interests in Associates and Joint Ventures</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The Amendments are effective for annual reporting periods beginning on or after January 1, 2019, with earlier application permitted. The Amendments relate to whether the measurement, in particular impairment requirements, of long term interests in associates and joint ventures that, in substance, form part of the ‘net investment’ in the associate or joint venture should be governed by IFRS 9, IAS 28 or a combination of both. The Amendments clarify that an entity applies IFRS 9 Financial Instruments, before it applies IAS 28, to such long-term interests for which the equity method is not applied. In applying IFRS 9, the entity does not take account of any adjustments to the carrying amount of long- term interests that arise from applying IAS 28. Management does not expect that these amendments will have an impact on its financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IAS 19: Plan Amendment, Curtailment or Settlement (Amendments)</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The Amendments are effective for annual periods beginning on or after January 1, 2019, with earlier application permitted. The amendments require entities to use updated actuarial assumptions to determine current service cost and net interest for the remainder of the annual reporting period after a plan amendment, curtailment or settlement has occurred. The amendments also clarify how the accounting for a plan amendment, curtailment or settlement affects applying the asset ceiling requirements. Management does not expect that these amendments will have an impact on its financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRIC INTERPETATION 22: Foreign Currency Transactions and Advance Consideration</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The Interpretation is effective for annual periods beginning on or after January 1, 2018, with earlier application permitted. The Interpretation clarifies the accounting for transactions that include the receipt or payment of advance consideration in a foreign currency. The Interpretation covers foreign currency transactions when an entity recognizes a non-monetary asset or a non-monetary liability arising from the payment or receipt of advance consideration before the entity recognizes the related asset, expense or income. The Interpretation states that the date of the transaction, for the purpose of determining the exchange rate, is the date of initial recognition of the non-monetary prepayment asset or deferred income liability. If there are multiple payments or receipts in advance, then the entity must determine a date of the transactions for each payment or receipt of advance consideration. The Company does not expect that this interpretation will have an impact on its financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:27.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">IASB has issued the Annual Improvements to IFRSs 2014 – 2016 Cycle</font><font style="font-family:'Times New Roman'; font-style:italic">, which is a collection of amendments to IFRSs. The amendments are effective for annual periods beginning on or after January 1, 2018, for IFRS 1 First-time Adoption of International Financial Reporting Standards and for IAS 28 Investments in Associates and Joint Ventures. Earlier application is permitted for IAS 28 Investments in Associates and Joint Ventures. The Company does not expect that these amendments will have an impact on its financial position or performance.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:65.6pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 1 First-time Adoption of International Financial Reporting Standards: This improvement deletes the short-term exemptions regarding disclosures about financial instruments, employee benefits and investment entities, applicable for first time adopters.</font></li><li style="margin-left:65.6pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IAS 28 Investments in Associates and Joint Ventures: The amendments clarify that the election to measure at fair value through profit or loss an investment in an associate or a joint venture that is held by an entity that is venture capital organization, or other qualifying entity, is available for each investment in an associate or joint venture on an investment-by-investment basis, upon initial recognition.</font></li></ul><p style="margin-top:0pt; margin-left:71.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:71.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:30.44pt; text-align:justify; padding-left:5.01pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font><font style="font-family:'Times New Roman'; font-style:italic">IFRIC INTERPETATION 23: Uncertainty over Income Tax Treatments </font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The Interpretation is effective for annual periods beginning on or after January 1, 2019, with earlier application permitted. The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12. The Interpretation provides guidance on considering uncertain tax treatments separately or together, examination by tax authorities, the appropriate method to reflect uncertainty and accounting for changes in facts and circumstances The Company does not expect that this interpretation will have an impact on its financial position or performance.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:30.44pt; text-align:justify; padding-left:5.01pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">The </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">IASB has issued the Annual Improvements to IFRSs 2015 – 2017 Cycle</font><font style="font-family:'Times New Roman'; font-style:italic">, which is a collection of amendments to IFRSs. The amendments are effective for annual periods beginning on or after January 1, 2019, with earlier application permitted. Management is in the process of assessing the impact of these Amendments on the Company’s financial position or performance.</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IFRS 3 Business Combinations and IFRS 11 Joint Arrangements: The amendments to IFRS 3 clarify that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. The amendments to IFRS 11 clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business.</font></li><li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IAS 12 Income Taxes: The amendments clarify that the income tax consequences of payments on financial instruments classified as equity should be recognized according to where the past transactions or events that generated distributable profits has been recognized.</font></li><li style="margin-left:66.15pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">IAS 23 Borrowing Costs: The amendments clarify paragraph 14 of the standard that, when a qualifying asset is ready for its intended use or sale, and some of the specific borrowing related to that qualifying asset remains outstanding at that point, that borrowing is to be included in the funds that an entity borrows generally.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_e9246a325da94450a15bea73725bc5b4"><font style="font-family:'Times New Roman'; font-weight:bold">2.3 Significant accounting policies, judgments, estimates and assumptions:</font><font style="font-family:'Times New Roman'; font-style:italic"> </font><font style="font-family:'Times New Roman'">The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenues and expenses recognised during the reporting period.  However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. </font></a></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">            Judgments: </font><font style="font-family:'Times New Roman'">In the process of applying the Company’s accounting policies, management has made the following judgments that had a significant effect on the amounts recognised in the consolidated financial statements.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:22.5pt; text-align:justify; padding-left:5.85pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Allowance for doubtful trade accounts receivable: </font><font style="font-family:'Times New Roman'">Provisions</font><font style="font-family:'Times New Roman'; font-style:italic"> </font><font style="font-family:'Times New Roman'">for doubtful trade receivables are recorded based on management’s expectations on future trade receivables recoveries. Provisions for doubtful trade receivables as of December 31, 2017 and 2016, were $138 and $47, respectively.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Estimates and assumptions: </font><font style="font-family:'Times New Roman'">The key assumptions concerning the future and other key sources of estimation uncertainty at the financial position date, that have a significant risk of causing a significant adjustment to the carrying amount of assets and liabilities within the next financial year, are discussed below. </font><font style="font-family:'Times New Roman'">The Company based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Carrying amount of vessels, net</font><font style="font-family:'Times New Roman'">: Vessels are stated at cost, less accumulated depreciation </font><font style="font-family:'Times New Roman'">(including depreciation of dry-docking costs and the amortization of the component attributable to favourable or unfavourable lease terms relative to market terms)</font><font style="font-family:'Times New Roman'"> and accumulated impairment losses. The estimates and assumptions that have the most significant effect on the vessels carrying amount are estimations in relation to useful lives of vessels, their residual value and estimated dry docking dates. The key assumptions used are further explained in notes 2.9 to 2.13. </font></li></ul><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Impairment of Non-Financial Assets</font><font style="font-family:'Times New Roman'">: The Company’s impairment test for non-financial assets is based on the assets’ recoverable amount, where the recoverable amount is the greater of fair value less costs to sell and value in use. The Company engaged independent valuation specialists to determine the fair value of non-financial assets as at December 31, 2017. The value in use calculation is based on a discounted cash flow model. The value in use calculation is most sensitive to the discount rate used for the discounted cash flow model as well as the expected net cash flows and the growth rate used for extrapolation. </font><font style="font-family:'Times New Roman'">See notes 2.13 and 5</font><font style="font-family:'Times New Roman'">.</font></li></ul><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:26.35pt; text-align:justify; padding-left:2pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Share based payments</font><font style="font-family:'Times New Roman'; font-weight:bold">: </font><font style="font-family:'Times New Roman'">The</font><font style="font-family:'Times New Roman'; font-weight:bold"> </font><font style="font-family:'Times New Roman'">Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based payment transactions may require determination of the most appropriate valuation model, which is depended on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including, expected volatility and dividend yield and making assumptions about them. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in note 13. </font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_f6f585b3ceed486a82150dd0a27d8d2e"><font style="font-family:'Times New Roman'; font-weight:bold">2.4 Accounting for revenue and related expenses:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font><font style="font-family:'Times New Roman'">The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered using time charters and bareboat, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. If a time charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognised on a straight line basis over the period of the time charter. Such revenues are treated in accordance with IAS 17 as lease income as explained in note 2.23 below. Associated voyage expenses are recognised on a pro-rata basis over the duration of the period of the time charter. Deferred revenue relates to cash received prior to the financial position date and is related to revenue earned after such date. </font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">            Interest income</font><font style="font-family:'Times New Roman'">: interest income is recognised as interest on an accrual basis.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Voyage expenses</font><font style="font-family:'Times New Roman'">: Voyage expenses primarily consist of port expenses and owners’ expenses borne and paid by the charterer, canal and bunker expenses that are unique to a particular charter under time charter arrangements or by the Company under voyage charter arrangements. Furthermore, voyage expenses include commission on revenue paid by the Company. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">            Vessel operating expenses: </font><font style="font-family:'Times New Roman'"> Vessel operating expenses are accounted for on an accruals basis.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_dde7c4dd1ff842f3ba4b54b9652eb5ec"><font style="font-family:'Times New Roman'; font-weight:bold">2.5 Foreign currency translation:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font><font style="font-family:'Times New Roman'">The functional currency of Globus and its subsidiaries is the U.S. dollar, which is also the presentation currency of the Company, since the Company’s vessels operate in international shipping markets, whereby the U.S. dollar is the currency used for transactions. Transactions involving other currencies during the period are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the financial position dates, monetary assets and liabilities, which are denominated in currencies other than the U.S. dollar, are translated into the functional currency using the period-end exchange rate. Gains or losses resulting from foreign currency transactions are included in foreign exchange gains/(losses), net in the consolidated statement of comprehensive loss. </font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_443b7276d3044df3925c6c3b110c80de"><font style="font-family:'Times New Roman'; font-weight:bold">2.6 Cash and cash equivalents:</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">  </font><font style="font-family:'Times New Roman'">The Company considers highly liquid investments such as time deposits and certificates of deposit with original maturity of three months or less to be cash and cash equivalents.</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_95ee63c14ad34dbb8cde3444b1053a47"><font style="font-family:'Times New Roman'; font-weight:bold">2.7 Trade receivables, net</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">: </font><font style="font-family:'Times New Roman'">The amount shown as trade receivables at each financial position date includes estimated recoveries from charterers for hire, freight and demurrage billings, net of an allowance for doubtful accounts. Trade receivables are measured at amortized cost less impairment losses, which are recognized in the consolidated statement of comprehensive loss. At each financial position date, all potentially uncollectible accounts are assessed individually for the purpose of determining the appropriate allowance for doubtful accounts. The provision for doubtful accounts at December 31, 2017 was $138 (2016:$47).</font></a></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_d0d75d81b451423b83c475a81ebe2a56"><font style="font-family:'Times New Roman'; font-weight:bold">2.8 Inventories:</font><font style="font-family:'Times New Roman'"> Inventories consist of lubricants, bunkers and gas cylinders and are stated at the lower of cost and net realisable value. The cost is determined by the first-in, first-out method.</font></a></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_8ed8df4832a64b2c88880f054668bdc0"><font style="font-family:'Times New Roman'; font-weight:bold">2.9 Vessels, net:</font><font style="font-family:'Times New Roman'"> Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking costs and amortization of components attributable to favourable or unfavourable lease terms relative to market terms) and accumulated impairment losses.  Vessel cost consists of the contract price for the vessel and any material expenses incurred upon acquisition (initial repairs, improvements and delivery expenses, interest, commissions paid and on-site supervision costs incurred during the construction periods). Any seller’s credit, i.e., amounts received from the seller of the vessels until date of delivery is deducted from the cost of the vessel. Subsequent expenditures for conversions and major improvements are also capitalised when the recognition criteria are met. Otherwise these amounts are charged to expenses as incurred. </font></a></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-30pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><h1 style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><a name="DM_MAP_7c6fdef701ca4655b832c7807a0e6f63"><font style="font-family:'Times New Roman'">2.10 Deferred dry-docking costs: </font><font style="font-family:'Times New Roman'; font-weight:normal">Vessels are required to be dry-docked for major repairs and maintenance that cannot be performed while the vessels are operating. Dry-dockings occur approximately every 2.5 years. The costs associated with the dry-dockings are capitalised and depreciated on a straight-line basis over the period between dry-dockings, to a maximum of 2.5 years.</font><font style="font-family:'Times New Roman'">  </font><font style="font-family:'Times New Roman'; font-weight:normal">At the date of acquisition of a vessel, management estimates the component of the cost that corresponds to the economic benefit to be derived until the first scheduled dry-docking of the vessel under the ownership of the Company and this component is depreciated on a straight-line basis over the remaining period through the estimated dry-docking date.</font></a></h1><p style="margin-top:14pt; margin-left:30pt; margin-bottom:14pt; text-align:justify; font-size:9pt"><a name="DM_MAP_945c2dcd8aa34e85abc6669ae60a8139"><font style="font-family:'Times New Roman'; font-weight:bold">2.11 Depreciation</font><font style="font-family:'Times New Roman'; font-weight:bold">:</font><font style="font-family:'Times New Roman'"> The cost of each of the Company’s vessels is depreciated on a straight-line basis over each vessel’s remaining useful economic life, after considering the estimated residual value of each vessel, beginning when the vessel is ready for its intended use. Management estimates that the useful life of new vessels is 25 years, which is consistent with industry practice. The residual value of a vessel is the product of its lightweight tonnage and estimated scrap value per lightweight ton. The residual values and useful lives are reviewed at each reporting date and adjusted prospectively, if appropriate. During the fourth quarter of 2015, the Company reduced the scrap rate from $335/ton to $240/ton due to the reduced scrap rates worldwide. This resulted to an additional depreciation expense of $91 included in the consolidated statement of comprehensive loss for 2015. During the second quarter of 2016, the Company reduced the scrap rate from $240/ton to $200/ton due to the reduced scrap rates worldwide. This resulted to an additional depreciation expense of $96 included in the consolidated statement of comprehensive loss for 2016. During the third quarter of 2017, the Company adjusted the scrap rate from $200/ton to $250/ton due to the increased scrap rates worldwide. This resulted to a decrease of $86 of the depreciation charge included in the consolidated statement of comprehensive loss for 2017.</font></a></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_ac198f643a054d8e8191bfd460b5fd51"><font style="font-family:'Times New Roman'; font-weight:bold">2.12 Amortization of lease component:</font><font style="font-family:'Times New Roman'"> When the Company acquires a vessel subject to an operating lease, it amortizes the amount reflected in the cost of that vessel that is attributable to favourable or unfavourable lease terms relevant to market terms, over the remaining term of the lease</font><font style="font-family:'Times New Roman'; background-color:#ffffff">. The amortization is included in the line “amortization</font><font style="font-family:'Times New Roman'"> of fair value of time charter attached to vessels” in the income statement component of the consolidated statement of comprehensive loss.</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_bebe9482d24241b59708b3b4f757d652"><font style="font-family:'Times New Roman'; font-weight:bold">2.13 Impairment of non-financial assets:</font><font style="font-family:'Times New Roman'"> The Company assesses at each reporting date whether there is an indication that a vessel may be impaired. The vessel’s recoverable amount is estimated when events or changes in circumstances indicate the carrying value may not be recoverable. If such indication exists and where the carrying value exceeds the estimated recoverable amounts, the vessel is written down to its recoverable amount. The recoverable amount is the greater of fair value less costs to sell and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the vessel. Impairment losses are recognised in the consolidated statement of comprehensive loss. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the consolidated statement of comprehensive loss. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life (refer to note 5).</font></a></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_9a30798768f5499781bfaa9101c5d37a"><font style="font-family:'Times New Roman'; font-weight:bold">2.14 Long-term debt</font><font style="font-family:'Times New Roman'; font-weight:bold">:</font><font style="font-family:'Times New Roman'"> Long-term debt is initially recognised at the fair value of the consideration received net of financing costs directly attributable to the borrowing.  After initial recognition, long-term debt is subsequently measured at amortized cost using the effective interest rate method.  Amortized cost is calculated by taking into account any financing costs and any discount or premium on settlement. Gains and losses are recognised in net profit or loss when the liabilities are derecognised or impaired, as well as through the amortization process.</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_3aa858f7caf4476c88d9b595ec16bc82"><font style="font-family:'Times New Roman'; font-weight:bold">2.15 Financing costs:</font><font style="font-family:'Times New Roman'"> Fees incurred for obtaining new loans or refinancing existing loans are deferred and amortized over the life of the related debt, using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made. </font></a></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_fa9c2cdf6b9d4dc0b2795039a7ac3fef"><font style="font-family:'Times New Roman'; font-weight:bold">2.16 Borrowing costs: </font><font style="font-family:'Times New Roman'">Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing of funds.</font><font style="font-family:'Times New Roman'; font-weight:bold"> </font><font style="font-family:'Times New Roman'">Borrowing costs are expensed to the income statement component of the consolidated statement of comprehensive loss as incurred under “interest expense and finance costs” except borrowing costs that relate to a qualifying asset. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. Borrowing costs that relate to qualifying assets are capitalised. For the years ended December 31, 2017, 2016 and 2015, the Company had no qualifying assets.</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_1098dd2954df4c45a2db8d04901df744"><font style="font-family:'Times New Roman'; font-weight:bold">2.17 Operating segment:</font><font style="font-family:'Times New Roman'"> The Company reports financial information and evaluates its operations by charter revenues and not by other factors such as length of ship employment for its customers i.e., spot or time charters or type of vessel. 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 as one operating 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.      </font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_c343d41e726f419e82dcb54f0e421647"><font style="font-family:'Times New Roman'; font-weight:bold">2.18 Provisions and contingencies: </font><font style="font-family:'Times New Roman'">Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and, a reliable estimate of the amount of the obligation can be made. </font><font style="font-family:'Times New Roman'">Provisions are reviewed at each financial position date and adjusted to reflect the present value of the expenditure expected to be required to settle the obligation. Contingent liabilities are not recognized in the financial statements but are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote, in which case there is no disclosure. Contingent assets are not recognized in the financial statements but are disclosed when an inflow of economic benefits is probable.</font></a></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_547a236f7fcc4d6ca83eb64d3cf8e242"><font style="font-family:'Times New Roman'; font-weight:bold">2.19 Pension and retirement benefit obligations: </font><font style="font-family:'Times New Roman'">The crew on board the vessels owned by the ship-owning companies owned by Globus is under short-term contracts (usually up to nine months) and, accordingly, no one is liable for any pension or post-retirement benefits payable to the crew. </font></a></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Provision for employees’ severance compensation: </font><font style="font-family:'Times New Roman'">The Greek employees, of the Company are bound by the Greek Labour law. Accordingly, compensation is payable to such employees upon dismissal or retirement. The amount of compensation is based on the number of years of service and the amount of remuneration at the date of dismissal or retirement. If the employees’ remain in the employment of the Company until normal retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that will remain with the Company until retirement age is not known. The Company has provided for the employees’ retirement compensation liability, an amount of $82 as at December 31, 2017 (2016:$78), calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement of financial position.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_a46c1b69ceae43098fb28053e272f5cb"><font style="font-family:'Times New Roman'; font-weight:bold">2.20 Offsetting of financial assets and liabilities: </font><font style="font-family:'Times New Roman'">Financial assets and liabilities are offset and the net amount is presented in the consolidated financial position only when the Company has a legally enforceable right to set off the recognised amounts and intend either to settle such asset and liability on a net basis or to realize the asset and settle the liability simultaneously.</font></a></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; font-size:9pt"><a name="DM_MAP_746c82456d03458cbc126878b794287b"><font style="font-family:'Times New Roman'; font-weight:bold">2.21 Derecognition of financial assets and liabilities:</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(i)Financial assets: A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised where:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the rights to receive cash flows from the asset have expired;</font></li><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the Company retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a “pass-through” arrangement; or </font></li><li style="margin-top:6pt; margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the Company has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the assets, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Where the Company has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Company’s continuing involvement in the asset. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ol start="2" type="i" style="margin:0pt; padding-left:0pt"><li style="margin-left:15.25pt; text-align:justify; padding-left:20.75pt; font-family:'Times New Roman'; font-size:9pt"><font>Financial liabilities: A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. </font></li></ol><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and, the difference in the respective carrying amounts is recognised in profit or loss.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_cfef2f1e9e40475cab09d719090f2b88"><font style="font-family:'Times New Roman'; font-weight:bold">2.22 Leases – where the Company is the lessee: </font><font style="font-family:'Times New Roman'; letter-spacing:-0.1pt">Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the </font><font style="font-family:'Times New Roman'">income statement component of the </font><font style="font-family:'Times New Roman'; letter-spacing:-0.1pt">consolidated statement of comprehensive loss on a straight-line basis over the period of the lease.</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_cdf0f6ac17d84f579e854517a2b23b2f"><font style="font-family:'Times New Roman'; font-weight:bold">2.23 Leases – where an entity is the lessor: </font><font style="font-family:'Times New Roman'">Leases of vessels where the entity does not transfer substantially all the risks and benefits of ownership of the vessel are classified as operating leases. Lease income on operating leases is recognised on a straight-line basis over the lease term. Contingent rents are recognised as revenue in the period in which they are earned. </font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_57999d7ee62641f68495ad35299280ad"><font style="font-family:'Times New Roman'; font-weight:bold">2.24 Insurance: </font><font style="font-family:'Times New Roman'">The Company recognizes insurance claim recoveries for insured losses incurred on damage to vessels.  Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s vessels suffer insured damages. They include the recoveries from the insurance companies for the claims, provided there is evidence the amounts are virtually certain to be received.  </font></a></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_01cc890a6c99403dafe7c803e18ed698"><font style="font-family:'Times New Roman'; font-weight:bold">2.25 Share based compensation: </font><font style="font-family:'Times New Roman'">Globus operates equity-settled, share-based compensation plans. The value of the service received in exchange of the grant of shares is recognized as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the share awards at the grant date. The relevant expense is recognized in the income statement component of the consolidated statement of comprehensive loss, with a corresponding impact in equity.</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; letter-spacing:-0.1pt"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_dce1821e8a8f40d6a6451a76fc90cd0a"><font style="font-family:'Times New Roman'; font-weight:bold">2.26 Share capital</font><font style="font-family:'Times New Roman'; font-weight:bold; letter-spacing:-0.1pt">: </font><font style="font-family:'Times New Roman'">Common shares and preferred shares are classified as equity. Incremental costs directly attributable to the issue of new shares are recognised in equity as a deduction from the proceeds.</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; letter-spacing:-0.1pt"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_ef964b1979654f4092ebf4fb72a24f8f"><font style="font-family:'Times New Roman'; font-weight:bold">2.27 Dividends</font><font style="font-family:'Times New Roman'; font-weight:bold; letter-spacing:-0.1pt">: </font><font style="font-family:'Times New Roman'">Dividends to shareholders are recognised in the period in which the dividends are declared and appropriately authorised and are accounted for as dividends payable until paid. </font></a></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_385d95e69f034b249eefa096d026ce15"><font style="font-family:'Times New Roman'; font-weight:bold">2.28 Non-current assets held for sale: </font><font style="font-family:'Times New Roman'">Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. If the carrying amount exceeds fair value less costs to sell, the Company recognises a loss under reversal of impairment/(impairment loss) in the income statement component of the consolidated statement of comprehensive loss, if the non-current asset or disposal group is subsequently remeasured at fair value less costs to sell, any difference with the carrying amount is recognised under reversal of impairment/ (impairment loss) in the income statement component of the consolidated statement of comprehensive loss. </font></a></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a complete sale within one year from the date of classification. Events or circumstances may extend the period to complete the sale beyond one year. An extension of the period required to complete a sale does not preclude an asset from being classified as held for sale if the delay is caused by events or circumstances beyond the entity’s control and there is sufficient evidence that the entity remains committed to its plan to sell the asset. Non-current assets once classified as held for sale are not depreciated or amortized. If the Company has classified an asset as held for sale but the criteria discussed above are no longer met, the Company ceases to classify the asset as held for sale. The Company measures a non-current asset that ceases to be classified as held for sale at the lower of a) its carrying amount before the asset was classified as held for sale, adjusted for any depreciation, amortization or revaluation that would have been recognised had the asset not been classified as held for sale and b) its recoverable amount at the date of the subsequent decision to cease classifying the asset as held for sale. The Company includes any adjustment to the carrying amount of an asset that ceases to be classified as held for sale in the consolidated statement of comprehensive loss in the period the criteria are no longer met. Refer to note 5.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_058ecf85cafa44e1928da8ebbcf414d7"><font style="font-family:'Times New Roman'; font-weight:bold">2.29 Fair value measurement:</font><font style="font-family:'Times New Roman'"> The Company measures financial instruments, such as, derivatives, and non-financial assets such as vessels held for sale, at fair value at each reporting date. In addition fair values of financial instruments measured at amortised cost are disclosed in note 22. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either, a) in the principal market for the asset or the liability or b) in the absence of a principal market, in the most advantageous market for the asset or liability both being accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that the market participants would use when pricing the asset or liability, assuming that the market participants act in their best economic interest. A fair value measurement of a non-financial asset takes into account the a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.</font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company uses the following hierarchy for determining and disclosing the fair value of assets and liabilities by valuation technique:</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.</font></p><p style="margin-top:0pt; margin-left:81pt; margin-bottom:0pt; text-indent:-45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:81pt; margin-bottom:0pt; text-indent:-45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.</font></p><p style="margin-top:0pt; margin-left:81pt; margin-bottom:0pt; text-indent:-45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:81pt; margin-bottom:0pt; text-indent:-45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization at the end of each reporting period. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company engaged independent valuation specialists to determine the fair value of non-financial assets</font><font style="font-family:'Times New Roman'">    </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_cf84cd35d106458bbe6e162d13569754"><font style="font-family:'Times New Roman'; font-weight:bold">2.30 Current versus non-current classification:</font><font style="font-family:'Times New Roman'"> The Company presents assets and liabilities in the statement of financial position based on current/non-current classification. </font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">            An asset as current when it is:</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Expected to be realised or intended to be sold or consumed in a normal operating cycle </font></li><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Held primarily for the purpose of trading </font></li><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Expected to be realised within twelve months after the reporting period</font></li><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Cash or cash equivalent</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">            All other assets are classified as non-current. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">            </font><font style="font-family:'Times New Roman'">A liability is current:</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">It is expected to be settled in a normal operating cycle</font></li><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">It is held primarily for the purpose of trading </font></li><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">It is due to be settled within twelve months after the reporting period</font></li><li style="margin-left:37.49pt; text-align:justify; padding-left:12.16pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.</font></li></ul><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-35.45pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">            All other liabilities are classified as non-current</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:506.85pt; border-collapse:collapse"><tr><td style="width:154.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Company</font></p></td><td style="width:85.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Country of Incorporation</font></p></td><td style="width:78.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Vessel Delivery</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Date</font></p></td><td style="width:145.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Vessel Owned</font></p></td></tr><tr style="height:3.25pt"><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:78.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:145.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Globus Shipmanagement Corp.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:78.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:145.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Management Co.</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><table cellspacing="0" cellpadding="0" style="width:506.85pt; border-collapse:collapse"><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Devocean Maritime Ltd.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">December 18, 2007</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v River Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Domina Maritime Ltd.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">May 19, 2010</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sky Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Dulac Maritime S.A.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">May 25, 2010</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Star Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Artful Shipholding S.A. </font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands </font></p></td><td style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">June 22, 2011</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Moon Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Longevity Maritime Limited</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Malta</font></p></td><td style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">September 15, 2011</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sun Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><h1 style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">1. Basis of presentation and general information</font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="_DV_M2"></a><a name="_DV_M5"></a><a name="_DV_M6"></a><a name="_DV_M14"></a><a name="_DV_M16"></a><a name="_DV_M30"></a><a name="_DV_M31"></a><a name="_DV_M32"></a><a name="_DV_M33"></a><a name="_DV_M34"></a><a name="_DV_M35"></a><font style="font-family:'Times New Roman'">The accompanying consolidated financial statements include the financial statements of </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Globus Maritime Limited</font><font style="font-family:'Times New Roman'"> (“Globus”) and its wholly owned subsidiaries (collectively the “Company”). Globus was formed on July 26, 2006, under the laws of Jersey. On June 1, 2007, Globus concluded its initial public offering in the United Kingdom and its shares were admitted for trading on the Alternative Investment Market (“AIM”). On November 24, 2010, Globus was redomiciled to the Marshall Islands and its shares were admitted for trading in the United States (NASDAQ Global Market) under the Securities Act of 1933, as amended. On November 26, 2010, Globus shares were effectively delisted from AIM. </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The address of the registered office of Globus is: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.  </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (“m/v”), providing maritime services for the transportation of dry cargo products on a worldwide basis. The Company conducts its operations through its vessel owning subsidiaries.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The operations of the vessels are managed by Globus Shipmanagement Corp. (the “Manager”), a wholly owned Marshall Islands corporation. The Manager has an office in Greece, located at 128 Vouliagmenis Avenue, 166 74 Glyfada, Greece and provides the commercial, technical, cash management and accounting services necessary for the operation of the fleet in exchange for a management fee. The management fee is eliminated on consolidation. The consolidated financial statements include the financial statements of Globus and its subsidiaries listed below, all wholly owned by Globus as of December 31, 2017:</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><table cellspacing="0" cellpadding="0" style="width:506.85pt; border-collapse:collapse"><tr><td style="width:154.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><a name="DM_MAP_f5c7c6573c1449dea15de032820f87d2"><font style="font-family:'Times New Roman'"> </font></a></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Company</font></p></td><td style="width:85.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Country of Incorporation</font></p></td><td style="width:78.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Vessel Delivery</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Date</font></p></td><td style="width:145.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Vessel Owned</font></p></td></tr><tr style="height:3.25pt"><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:78.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:145.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Globus Shipmanagement Corp.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:78.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:145.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Management Co.</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><table cellspacing="0" cellpadding="0" style="width:506.85pt; border-collapse:collapse"><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Devocean Maritime Ltd.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">December 18, 2007</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v River Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Domina Maritime Ltd.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">May 19, 2010</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sky Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Dulac Maritime S.A.</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands</font></p></td><td style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">May 25, 2010</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Star Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Artful Shipholding S.A. </font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Marshall Islands </font></p></td><td style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">June 22, 2011</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Moon Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'">Longevity Maritime Limited</font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">Malta</font></p></td><td style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">September 15, 2011</font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Sun Globe</font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr><td style="width:154.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:85.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:86pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:6pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="_DV_M40"></a><a name="_DV_M42"></a><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The consolidated financial statements as of December 31, 2017 and 2016 and for the three years in the period ended December 31, 2017, were approved for issuance by the Board of Directors on March 7, 2018. </font></p></div>
<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:428.3pt; margin-left:36pt; border-collapse:collapse"><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="2" style="width:106.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:21.9pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:52.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:43.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash on hand</font></p></td><td style="width:52.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:43.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash at banks</font></p></td><td style="width:52.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,756</font></p></td><td style="width:43.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">162</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:52.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,756</font></p></td><td style="width:43.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">163</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><h1 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">3. Cash and cash equivalents and Restricted cash</font></h1><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise the following:</font></p><table cellspacing="0" cellpadding="0" style="width:428.3pt; margin-left:36pt; border-collapse:collapse"><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_fbad16752627452cb92b99b776f4055e"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></a></p></td><td colspan="2" style="width:106.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:21.9pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:52.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:43.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash on hand</font></p></td><td style="width:52.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:43.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash at banks</font></p></td><td style="width:52.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,756</font></p></td><td style="width:43.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">162</font></p></td></tr><tr style="height:12.75pt"><td style="width:300.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:52.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,756</font></p></td><td style="width:43.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">163</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-0.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash held in banks earns interest at floating rates based on daily bank deposit rates.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-0.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-0.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The fair value of cash and cash equivalents as at December 31, 2017 and 2016, was $2,756 and $163, respectively. In addition as of December 31, 2017, the Company had available $3,000 (2016: $2,565) of undrawn borrowing facilities (note 12).  </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">                As at December 31, 2017 and 2016, the Company had pledged an amount of $210 in order to fulfil collateral requirements. The fair value of restricted cash as at December 31, 2017 and 2016, was $210 (Refer to note 12 for further details).</font></p></div>
<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:428.6pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="3" style="width:216pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">       For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Director’s remuneration </font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">145</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">130</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">185</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Share-based payments (note 13)</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">35</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">60</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">185</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">165</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">245</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:427pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="3" style="width:214.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:80.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">201</font><font style="font-family:'Times New Roman'; font-weight:bold">7</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:12.75pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Short-term employee benefits </font></p></td><td style="width:80.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">229</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">82</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">85</font></p></td></tr><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Share-based payments (note 13)</font></p></td><td style="width:80.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">15</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:80.85pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">229</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">97</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">85</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><h1 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">4. Transactions with Related Parties</font></h1><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The ultimate controlling party of the Company is Mr. George Feidakis who beneficially owns 18,579,317 common shares as of December 31, 2017, through Firment Shipping Inc., a Marshall Islands corporation controlled by Mr Feidakis. As at December 31, 2017 and 2016, Mr Feidakis beneficially owned 58.7% and 43.4%, respectively, of Globus’ shares. Mr. George Feidakis is also the chairman of the Board of Directors of Globus.</font></p><p style="margin-top:0pt; margin-left:46.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following are the major transactions which the Company has entered into with related parties during the years ended December 31, 2017, 2016 and 2015:</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In August 2006, Globus Shipmanagement Corp. entered into a rental agreement for 350 square metres of office space for its operations within a building owned by Cyberonica S.A. (an affiliate of Globus’s chairman). Rental expense was Euro 14,578 (absolute amount) ($16) per month up to August 20, 2015, which was silently extended until December 31, 2015. The rental agreement provides for an annual increase in rent of 2% above the rate of inflation as set by the Bank of Greece. The contract ran for nine years and could have been terminated by the Company with six months’ notice, and terminated at the end of 2015.  In 2016 the Company renewed the rental agreement at a monthly rate of Euro 10,360 (absolute amount) ($10.9) with a lease period ending January 2, 2025. The Company does not presently own any real estate.  During the years ended December 31, 2017, 2016 and 2015, rent expense was $140, $138 and $195, respectively. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The expense is recognised in the income statement component of the consolidated statement of comprehensive loss under administrative expenses payable to related parties. As of December 31, 2017 and 2016, $471 and $313 of rent expense, respectively was due and unpaid. Rent expense payable to related parties is classified as trade accounts payable in the consolidated statement of financial position.    </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 28, 2015, Athanasios Feidakis assumed the position of Chief Executive Officer (“CEO”) and Chief Financial Officer. His remuneration for 2015 was $60 per annum according to his compensation agreement as a Director of Globus. On August 18, 2016, the Company entered into a consultancy agreement with an affiliated company of its CEO, Mr. Athanasios Feidakis, for the purpose of providing consulting services to the Company in connection with the Company’s international shipping and capital raising activities, including but not limited to assisting and advising the Company’s CEO at an annual fee of Euro 200,000 (absolute amount) (approx. $240). The related expense for the years ended December 31, 2017 and 2016, amounted to $229 and $97, respectively.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In December 2013, Globus entered into a credit facility for up to $4,000 with Firment Trading Limited, an affiliate of the Company’s chairman, for the purpose of financing its general working capital needs. Effective from December 2014, through a supplemental agreement in April 2015, the credit limit of the facility increased from $4,000 to $8,000 and in December 2015, through a second supplemental agreement, the credit limit of the facility increased from $8,000 to $20,000. In December 2015, through a third supplemental agreement, the Firment Credit Facility was assigned from Firment Trading Limited, a Cypriot company, to Firment Trading Limited, a Marshall Islands corporation, each of which is an affiliate of the Company’s chairman. The Company had the right to drawdown any amount up to $20,000 or prepay any amount, during the availability period, in multiples of $100. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2016, the amount drawn and outstanding with respect to the facility was $17,435, and was classified under “short-term borrowings” in the consolidated statement of financial position. For the year ended December 31, 2016, Globus recognised interest expense of $608. The expense is classified in the income statement component of the consolidated statement of comprehensive loss under interest expense and finance costs and interest payable is classified in the statement of financial position under accrued liabilities and other payables. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On February 8, 2017, the Company entered into a Share and Warrant Purchase Agreement (“February 2017 private placement”) pursuant to which it sold for $5,000 an aggregate of 5 million of its common shares, par value $0.004 per share and warrants (the “February 2017 Warrants”) to purchase 25 million of its common shares at a price of $1.60 per share to four investors in a private placement. One investor is the sister of the CEO of Globus and the daughter of its chairman. These securities were issued in transactions exempt from registration under the Securities Act. The following day, the Company entered into a registration rights agreement with those purchasers providing them with certain rights relating to registration under the Securities Act of the Shares and the common shares underlying the Warrants. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In connection with the closing of the February 2017 private placement, the Company also entered into two loan amendment agreements with existing lenders.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">One loan amendment agreement was entered into by the Company with Firment Trading Limited, the lender of the Firment Credit Facility, which then had an outstanding principal amount of $18,524. Firment Trading Limited released an amount equal to $16,885 (but left an amount equal to $1,639 outstanding, which continued to accrue under the Firment Credit Facility as though it were principal) of the Firment Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Firment Trading Limited, 16,885,000 common shares and a warrant to purchase 6,230,580 common shares at a price of $1.60 per share. Subsequent to the closing of the February 2017 private placement, Globus repaid the outstanding amount on the Firment Credit Facility in its entirety. The Firment Credit Facility terminated on April 12, 2017. Firment Trading Limited waived any interest under Firment Credit Facility for 2017.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In January 2016, Globus Maritime Limited entered into a credit facility for up to $3,000 with Silaner Investments Limited, an affiliate of the Company’s chairman, for the purpose of financing its general working capital needs. The Silaner Credit Facility was unsecured and remained available until its final maturity date at January 12, 2018. The Company had the right to drawdown any amount up to $3,000 or prepay any amount in multiples of $100. Any prepaid amount could have been re-borrowed in accordance with the terms of the facility. Interest on drawn and outstanding amounts was charged at 5% per annum and no commitment fee was charged on the amounts remaining available and undrawn.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2016, the amount drawn and outstanding with respect to the facility was $3,115 and was classified under “long-term borrowings” in the 2016 consolidated statement of financial position. For the year ended December 31, 2017 and 2016, Globus recognised interest expense of $3 and $74, respectively. The expense is classified in the income statement component of the consolidated statement of comprehensive loss under interest expense and finance costs and interest payable is classified in the statement of financial position under accrued liabilities and other payables. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The second loan amendment agreement in connection with the closing of the February 2017 private placement was entered into by the Company with Silaner Investments Limited, the lender of the Silaner Credit Facility. Silaner released an amount equal to the outstanding principal of $3,115 (but left an amount equal to $74 outstanding, which continued to accrue under the Silaner Credit Facility as though it were principal) of the Silaner Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Silaner, 3,115,000 common shares and a warrant to purchase 1,149,437 common shares at a price of $1.60 per share. During 2017, the Company drew down $ 280 under this facility. Before the end of the year, Globus repaid the outstanding amount on the Silaner Credit Facility in its entirety. The Silaner Credit Facility terminated on January 12, 2018. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In June 2016, Globus Maritime Limited entered into a consultancy agreement with Eolos Shipmanagement S.A., an affiliate of the Company’s chairman, for the purpose of providing consultancy services to Eolos Shipmanagement S.A. For these services the Company received a daily fee of $1. This agreement was terminated on January 31, 2017. For 2017 and 2016, the total income from these fees amounted to $31 and $187, respectively, and is classified in the income statement component of the consolidated statement of comprehensive loss under management and consulting fee income.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><h6 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">Compensation of Key Management Personnel of the Company: </font></h6><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Compensation to Globus non-executive directors is analysed as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:428.6pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_4e87f02d281743179e2151cfcf071358"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></a></p></td><td colspan="3" style="width:216pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">       For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:64.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:12.75pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Director’s remuneration </font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">145</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">130</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">185</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Share-based payments (note 13)</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">40</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">35</font></p></td><td style="width:64.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">60</font></p></td></tr><tr style="height:13.5pt"><td style="width:191pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">185</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">165</font></p></td><td style="width:64.8pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">245</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">        </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">            As of December 31, 2017 and 2016, $126 and $393 of the compensation to non-executive directors was remaining due and unpaid, respectively. Amounts payable to non-executive directors are classified as trade accounts payable in the consolidated statement of financial position.                 </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">            Compensation to the Company’s executive director is analysed as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:427pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_84d9d99307174d408fac09d9ef35d7a6"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></a></p></td><td colspan="3" style="width:214.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:80.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">201</font><font style="font-family:'Times New Roman'; font-weight:bold">7</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:55.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:12.75pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Short-term employee benefits </font></p></td><td style="width:80.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">229</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">82</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">85</font></p></td></tr><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Share-based payments (note 13)</font></p></td><td style="width:80.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">15</font></p></td><td style="width:55.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:191.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:80.85pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">229</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">97</font></p></td><td style="width:55.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">85</font></p></td></tr></table></div><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; font-size:9pt"><font style="font-family:'Times New Roman'">           </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2017 and 2016, $239 and $152 of the compensation to the executive director was remaining due and unpaid, respectively.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In July 2016 the remaining 2,567 series A preferred shares, granted to Company’s former Chief Executive Officer were redeemed and the former Chief Executive Officer was compensated with an amount of $242. As of December 31, 2017 and 2016, the Company had no series A preferred shares outstanding.</font></p></div>
<div class="Section1"><div style="text-align:right"><table cellspacing="0" cellpadding="0" style="width:480.65pt; margin-left:auto; border-collapse:collapse"><tr style="height:36.75pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:43pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels cost</font></p></td><td style="width:55.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels depreciation</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Dry docking costs</font></p></td><td style="width:69.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation of dry docking costs</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book Value</font></p></td></tr><tr style="height:12.75pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at January 1, 2016</font></p></td><td style="width:43pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">198,803</font></p></td><td style="width:55.85pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(90,086)</font></p></td><td style="width:53pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,976</font></p></td><td style="width:69.1pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(2,618)</font></p></td><td style="width:52.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">110,075</font></p></td></tr><tr style="height:12.75pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Additions/ (Dry Docking Component)</font></p></td><td style="width:43pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">478</font></p></td><td style="width:69.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">478</font></p></td></tr><tr style="height:12.75pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Sale of subsidiary</font></p></td><td style="width:43pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(19,647)</font></p></td><td style="width:55.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">7,200</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(600)</font></p></td><td style="width:69.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">276</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(12,771)</font></p></td></tr><tr style="height:12.75pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation and amortization</font></p></td><td style="width:43pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,985)</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:69.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(1,005)</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(5,990)</font></p></td></tr><tr style="height:12.75pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2016</font></p></td><td style="width:43pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">179,156</font></p></td><td style="width:55.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(87,871)</font></p></td><td style="width:53pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,854</font></p></td><td style="width:69.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(3,347)</font></p></td><td style="width:52.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">91,792</font></p></td></tr><tr style="height:12.75pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Additions/ (Dry Docking Component)</font></p></td><td style="width:43pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">245</font></p></td><td style="width:55.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">976</font></p></td><td style="width:69.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,221</font></p></td></tr><tr style="height:12.75pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation and amortization</font></p></td><td style="width:43pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,831)</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:69.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(862)</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(5,693)</font></p></td></tr><tr style="height:13.5pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2017</font></p></td><td style="width:43pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">179,401</font></p></td><td style="width:55.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(92,702)</font></p></td><td style="width:53pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,830</font></p></td><td style="width:69.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(4,209)</font></p></td><td style="width:52.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">87,320</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.25pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td colspan="3" style="width:232.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31,</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:77.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:74.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:59.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:13.65pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Vessels depreciation</font></p></td><td style="width:77.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,831</font></p></td><td style="width:74.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,985</font></p></td><td style="width:59.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,047</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation on office furniture and equipment</font></p></td><td style="width:77.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23</font></p></td><td style="width:74.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">29</font></p></td><td style="width:59.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">38</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:77.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,854</font></p></td><td style="width:74.4pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,014</font></p></td><td style="width:59.4pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6,085</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:447.8pt; margin-left:22.15pt; border-collapse:collapse"><tr style="height:12.75pt"><td style="width:271.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="3" style="width:154.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Impairment loss </font></p></td></tr><tr style="height:12.75pt"><td style="width:271.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="3" style="width:154.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:271.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels</font></p></td><td style="width:53pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:33.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:12.75pt"><td style="width:271.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Tiara Globe</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">(7,745)</font></p></td></tr><tr style="height:12.75pt"><td style="width:271.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Energy Globe</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">(12,399)</font></p></td></tr><tr style="height:13.5pt"><td style="width:271.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Impairment loss</font></p></td><td style="width:53pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:33.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(20,144)</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:428.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td colspan="2" style="width:130.6pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">         December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:57.45pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:62.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Lubricants </font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">328</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">363</font></p></td></tr><tr style="height:12.75pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Gas cylinders </font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">63</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">52</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bunkers</font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">270</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">101</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:57.45pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">661</font></p></td><td style="width:62.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">516</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.15pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:287.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td colspan="2" style="width:128.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">          Decembe</font><font style="font-family:'Times New Roman'; font-weight:bold">r 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:287.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:58.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:58.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="width:287.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bunkers </font></p></td><td style="width:58.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">216</font></p></td><td style="width:58.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">504</font></p></td></tr><tr style="height:13.5pt"><td style="width:287.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other prepayments and other assets</font></p></td><td style="width:58.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">210</font></p></td><td style="width:58.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">513</font></p></td></tr><tr style="height:13.5pt"><td style="width:287.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:58.9pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">426</font></p></td><td style="width:58.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,017</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:452.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:298.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="2" style="width:132.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">          </font><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:298.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:61.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:59.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="width:298.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued interest</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">274</font></p></td><td style="width:59.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,266</font></p></td></tr><tr style="height:12.75pt"><td style="width:298.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued audit fees</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:59.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">64</font></p></td></tr><tr style="height:12.75pt"><td style="width:298.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other accruals</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">996</font></p></td><td style="width:59.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,065</font></p></td></tr><tr style="height:12.75pt"><td style="width:298.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Insurance deductibles </font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">139</font></p></td><td style="width:59.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">134</font></p></td></tr><tr style="height:13.5pt"><td style="width:298.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other payables</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">46</font></p></td><td style="width:59.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">80</font></p></td></tr><tr style="height:13.5pt"><td style="width:298.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.9pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,455</font></p></td><td style="width:59.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,609</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><h1 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">5. Vessels, net </font></h1><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The amounts in the consolidated statement of financial position are analysed as follows: </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:right"><table cellspacing="0" cellpadding="0" style="width:480.65pt; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:36.75pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_9918589463a645beadd24c1eb8646101"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></a></p></td><td style="width:43pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels cost</font></p></td><td style="width:55.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels depreciation</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Dry docking costs</font></p></td><td style="width:69.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Depreciation of dry docking costs</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book Value</font></p></td></tr><tr style="height:12.75pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at January 1, 2016</font></p></td><td style="width:43pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">198,803</font></p></td><td style="width:55.85pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(90,086)</font></p></td><td style="width:53pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,976</font></p></td><td style="width:69.1pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(2,618)</font></p></td><td style="width:52.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">110,075</font></p></td></tr><tr style="height:12.75pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Additions/ (Dry Docking Component)</font></p></td><td style="width:43pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">478</font></p></td><td style="width:69.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">478</font></p></td></tr><tr style="height:12.75pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Sale of subsidiary</font></p></td><td style="width:43pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(19,647)</font></p></td><td style="width:55.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">7,200</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(600)</font></p></td><td style="width:69.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">276</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(12,771)</font></p></td></tr><tr style="height:12.75pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation and amortization</font></p></td><td style="width:43pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,985)</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:69.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(1,005)</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(5,990)</font></p></td></tr><tr style="height:12.75pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2016</font></p></td><td style="width:43pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">179,156</font></p></td><td style="width:55.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(87,871)</font></p></td><td style="width:53pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,854</font></p></td><td style="width:69.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(3,347)</font></p></td><td style="width:52.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">91,792</font></p></td></tr><tr style="height:12.75pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Additions/ (Dry Docking Component)</font></p></td><td style="width:43pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">245</font></p></td><td style="width:55.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">976</font></p></td><td style="width:69.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,221</font></p></td></tr><tr style="height:12.75pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation and amortization</font></p></td><td style="width:43pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:55.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(4,831)</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:69.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(862)</font></p></td><td style="width:52.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(5,693)</font></p></td></tr><tr style="height:13.5pt"><td style="width:141.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2017</font></p></td><td style="width:43pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">179,401</font></p></td><td style="width:55.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(92,702)</font></p></td><td style="width:53pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,830</font></p></td><td style="width:69.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(4,209)</font></p></td><td style="width:52.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">87,320</font></p></td></tr></table></div><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">  </font></h1><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">For the purpose of the consolidated statement of comprehensive loss, depreciation, as stated in the income statement component, comprises the following:</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.25pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_61716e3ea3384463af8abdbe3549c455"><font style="font-family:'Times New Roman'"> </font></a></p></td><td colspan="3" style="width:232.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31,</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:77.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:74.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:59.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:13.65pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Vessels depreciation</font></p></td><td style="width:77.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,831</font></p></td><td style="width:74.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,985</font></p></td><td style="width:59.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,047</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Depreciation on office furniture and equipment</font></p></td><td style="width:77.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23</font></p></td><td style="width:74.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">29</font></p></td><td style="width:59.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">38</font></p></td></tr><tr style="height:14.45pt"><td style="width:183.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:77.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">4,854</font></p></td><td style="width:74.4pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">5,014</font></p></td><td style="width:59.4pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6,085</font></p></td></tr></table></div><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">              </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company’s vessels have been pledged as collateral to secure the bank loans discussed in note 12.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold; font-style:italic">Impairment of non-financial assets:</font><font style="font-family:'Times New Roman'; font-size:9pt"> </font><font style="font-family:'Times New Roman'; font-size:9pt">As of December 31, 2017, the Company performed an assessment on whether there is an indication that a vessel may be impaired. Discounted future cash flows for each vessel were determined and compared to the vessel’s carrying value. The projected net discounted future cash flows for the first three years were determined by considering an estimated daily time charter equivalent based on the most recent blended (for modern and older vessels) FFA (i.e. Forward Freight Agreements) time charter rate for the remaining year of 2018, 2019 and 2020,</font><font style="font-family:'Times New Roman'"> respectively</font><font style="font-family:'Times New Roman'; font-size:9pt">, for each type of vessel. For the remaining useful life of the vessels, the Company used the historical ten-year blended average one-year time charter rates substituting for the years 2008 and 2016 that were considered as extreme values, with the years 2005 and 2006. The rates were adjusted assuming an annual growth rate of 1.7% as published by the International Monetary Fund, net of commissions. Expected outflows for scheduled vessels maintenance were taken into consideration as well as vessel operating expenses assuming an average annual inflation rate of approximately 3.7% every two years. The average time charter rates used were in line with the overall chartering strategy, especially in periods/years of depressed charter rates; reflecting the full operating history of vessels of the same type and particulars with the Company’s operating fleet (Supramax and Panamax vessels with a deadweight (“dwt”) of over 50,000 and 70,000, respectively) and they covered at least one full business cycle. The average annual inflation rate applied on vessels’ maintenance and operating costs approximated current projections for global inflation rate for the remaining useful life of the Company’s vessels. Effective fleet utilization was assumed at 90% (including ballast days), taking into account the period(s) each vessel is expected to undergo her scheduled maintenance (dry-docking and special surveys), as well as an estimate of the period(s) needed for finding suitable employment and off-hire for reasons other than scheduled maintenance, assumptions in line with the Company’s expectations for future fleet utilization under the current fleet deployment strategy. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2017 and 2016, no impairment loss was recognized </font><font style="font-family:'Times New Roman'">as the vessels’ recoverable amounts exceeded their carrying amounts</font><font style="font-family:'Times New Roman'">. In July 2015, m/v Tiara Globe was sold and the Company recognized an impairment loss of $7,745. As of December 31, 2015, the Company concluded that the recoverable amount of m/v Energy Globe was lower than its carrying amount and recognized an impairment loss of $12,399. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><table cellspacing="0" cellpadding="0" style="width:447.8pt; margin-left:22.15pt; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:271.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_017378319ab84f5690b0c9295205b44c"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></a></p></td><td colspan="3" style="width:154.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Impairment loss </font></p></td></tr><tr style="height:12.75pt"><td style="width:271.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="3" style="width:154.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:271.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessels</font></p></td><td style="width:53pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:33.85pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:12.75pt"><td style="width:271.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Tiara Globe</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">(7,745)</font></p></td></tr><tr style="height:12.75pt"><td style="width:271.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">m/v Energy Globe</font></p></td><td style="width:53pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">(12,399)</font></p></td></tr><tr style="height:13.5pt"><td style="width:271.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Impairment loss</font></p></td><td style="width:53pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:33.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(20,144)</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6. Inventories</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Inventories in the consolidated statement of financial position are analysed as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:428.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_59af24b4864e4eee95414129927bc297"><font style="font-family:'Times New Roman'"> </font></a></p></td><td colspan="2" style="width:130.6pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">         December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:57.45pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:62.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Lubricants </font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">328</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">363</font></p></td></tr><tr style="height:12.75pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Gas cylinders </font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">63</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">52</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bunkers</font></p></td><td style="width:57.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">270</font></p></td><td style="width:62.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">101</font></p></td></tr><tr style="height:13.5pt"><td style="width:276.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:57.45pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">661</font></p></td><td style="width:62.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">516</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:59.55pt; margin-bottom:0pt; text-indent:-31.2pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8. Trade accounts payable</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Trade accounts payable in the consolidated statement of financial position as at December 31, 2017 and 2016, amounted to $4,258 and $4,757, respectively. Trade accounts payable are non-interest bearing.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9. Accrued liabilities and other payables  </font></p><p style="margin-top:0pt; margin-left:48pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued liabilities and other payables in the consolidated statement of financial position are analysed as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:452.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:298.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_56272570b5a44384a9c7b900a3268b85"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></a></p></td><td colspan="2" style="width:132.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">          </font><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:298.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:61.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:59.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="width:298.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued interest</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">274</font></p></td><td style="width:59.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,266</font></p></td></tr><tr style="height:12.75pt"><td style="width:298.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued audit fees</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:59.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">64</font></p></td></tr><tr style="height:12.75pt"><td style="width:298.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other accruals</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">996</font></p></td><td style="width:59.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,065</font></p></td></tr><tr style="height:12.75pt"><td style="width:298.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Insurance deductibles </font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">139</font></p></td><td style="width:59.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">134</font></p></td></tr><tr style="height:13.5pt"><td style="width:298.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other payables</font></p></td><td style="width:61.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">46</font></p></td><td style="width:59.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">80</font></p></td></tr><tr style="height:13.5pt"><td style="width:298.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.9pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,455</font></p></td><td style="width:59.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,609</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:75.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Interest is normally settled quarterly throughout the year.</font></li><li style="margin-left:75.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Other payables are non-interest bearing.</font></li></ul></div>
<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="3" style="width:173.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">         </font><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Authorised share capital:</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">500,000,000 Common Shares of par value $0.004 each</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">100,000,000 Class B common shares of par value $0.001 each</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">100,000,000 Preferred shares of par value $0.001 each </font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total authorised share capital</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:418.15pt; margin-left:42.55pt; border-collapse:collapse"><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:27pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Common Shares issued and fully paid</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of shares </font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">USD</font></p></td></tr><tr style="height:12.75pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at January 1, 2015</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,561,405</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">10</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 13)</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">18,372</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.75pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2015</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,579,777</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">10</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 13)</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">47,897</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.75pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2016</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,627,674</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">10</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 13)</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">20,937</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">27,500,000</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">110</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock due to exercise of warrants</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,481,808</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2017</font></p></td><td style="width:81.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">31,630,419</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">126</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:411pt; margin-left:56.7pt; border-collapse:collapse"><tr style="height:13.5pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Series A Preferred  Shares issued</font></p></td><td style="width:96.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of shares </font></p></td><td style="width:48.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">USD</font></p></td></tr><tr style="height:12.75pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As a January 1, 2015</font></p></td><td style="width:96.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,567</font></p></td><td style="width:48.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2</font></p></td></tr><tr style="height:12.75pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year</font></p></td><td style="width:96.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:48.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr><tr style="height:12.75pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2015</font></p></td><td style="width:96.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,567</font></p></td><td style="width:48.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2</font></p></td></tr><tr style="height:12.75pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year </font></p></td><td style="width:96.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:48.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr><tr style="height:12.75pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Shares redeemed by the issuer</font></p></td><td style="width:96.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(2,567)</font></p></td><td style="width:48.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(2)</font></p></td></tr><tr style="height:12.75pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2016</font></p></td><td style="width:96.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:48.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr><tr style="height:12.75pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year </font></p></td><td style="width:96.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:48.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2017</font></p></td><td style="width:96.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:48.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><h1 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">10. Share Capital and Share Premium</font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The authorised share capital of Globus consisted of the following:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.75pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_e1038465d4ce4fb380826576781cab2f"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></a></p></td><td colspan="3" style="width:173.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">         </font><font style="font-family:'Times New Roman'; font-weight:bold">December 31,</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:50.55pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Authorised share capital:</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">500,000,000 Common Shares of par value $0.004 each</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,000</font></p></td></tr><tr style="height:13.5pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">100,000,000 Class B common shares of par value $0.001 each</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">100,000,000 Preferred shares of par value $0.001 each </font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td><td style="width:50.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">100</font></p></td></tr><tr style="height:14.3pt"><td style="width:243.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total authorised share capital</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td><td style="width:50.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,200</font></p></td></tr></table></div><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Holders of the Company’s common shares and Class B shares have equivalent economic rights, but holders of Company’s common shares are entitled to one vote per share and holders of the Company’s Class B shares are entitled to twenty votes per share. Each holder of Class B shares may convert, at its option, any or all of the Class B shares held by such holder into an equal number of common shares.  </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><table cellspacing="0" cellpadding="0" style="width:418.15pt; margin-left:42.55pt; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-indent:27pt; font-size:9pt"><a name="DM_MAP_9eec6ad4b7974f18b02bf491503c50fc"><font style="font-family:'Times New Roman'; font-weight:bold">Common Shares issued and fully paid</font></a></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of shares </font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">USD</font></p></td></tr><tr style="height:12.75pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at January 1, 2015</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,561,405</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">10</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 13)</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">18,372</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.75pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2015</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,579,777</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">10</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 13)</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">47,897</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.75pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2016</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,627,674</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">10</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year for share based compensation (note 13)</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">20,937</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock</font></p></td><td style="width:81.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">27,500,000</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">110</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issuance of common stock due to exercise of warrants</font></p></td><td style="width:81.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,481,808</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6</font></p></td></tr><tr style="height:13.5pt"><td style="width:258.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2017</font></p></td><td style="width:81.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">31,630,419</font></p></td><td style="width:45.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">126</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On February 8, 2017, the Company entered into a Share and Warrant Purchase Agreement (“February 2017 private placement”) pursuant to which it sold for $5,000 an aggregate of 5 million of its common shares, par value $0.004 per share and warrants (the “February 2017 Warrants”) to purchase 25 million of its common shares at a price of $1.60 per share to four investors in a private placement. One investor is the CEO’s sister and the daughter of its chairman. These securities were issued in transactions exempt from registration under the Securities Act. The following day, the Company entered into a registration rights agreement with those purchasers providing them with certain rights relating to registration under the Securities Act of the Shares and the common shares underlying the Warrants. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Further to the February 2017 private placement, two investors partially exercised their warrants, purchasing 1,481,808 of the Company’s common shares for aggregate gross proceeds to the Company of approximately $2,371.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Each of the February 2017 Warrants are exercisable for 24 months after their respective issuance. Under the terms of the warrants, all warrant holders (other than Firment Shipping Inc., which has no such restriction in its warrants) may not exercise their warrants to the extent such exercise would cause such warrant holder, together with its affiliates and attribution parties, to beneficially own a number of common shares which would exceed 4.99% (which may be increased, but not to exceed 9.99%) of Globus’s then outstanding common shares immediately following such exercise, excluding for purposes of such determination common shares issuable upon exercise of the warrants which have not been exercised. This provision does not limit a warrant holder from acquiring up to 4.99% of the Company’s common shares, selling all of their common shares, and re-acquiring up to 4.99% of the Company’s common shares.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The February 2017 Warrants each contain a provision whereby the relevant holder has the right to a cashless exercise if, six months after its issuance, a registration statement covering the resale of the shares issuable thereunder is not effective. If for any reason Globus is unable to keep such a registration statement active and its share price is higher than the $1.60 exercise price, Globus could be required to issue shares without receiving cash consideration. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2017, in connection with the February 2017 private placement, the February 2017 Warrants outstanding were exercisable for an aggregate of 30,898,209 common shares.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On October 19, 2017, the Company entered into a Share and Warrant Purchase Agreement (the “October 2017 SPA”) pursuant to which it sold for $2,500 an aggregate of 2.5 million of its common shares, par value $0.004 per share and a warrant (the “October 2017 Warrant”) to purchase 12.5 million of its common shares at a price of $1.60 per share to an investor in a private placement (the “October 2017 Private Placement”). These securities were issued in transactions exempt from registration under the Securities Act of 1933, as amended. On that day, Company also entered into a registration rights agreement with the purchaser providing it with certain rights relating to registration under the Securities Act of the 2.5 million common shares issued in connection with the October 2017 Private Placement and the common shares underlying the October 2017 Warrant.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Under the terms of the October 2017 Warrant, the purchaser may not exercise its warrant to the extent such exercise would cause the purchaser, together with its affiliates and attribution parties, to beneficially own a number of common shares which would exceed 4.99% (which may be increased upon no less than 61 days’ notice, but not to exceed 9.99%) of Globus’s then outstanding common shares immediately following such exercise, excluding for purposes of such determination common shares issuable upon exercise of the October 2017 Warrant which have not been exercised. This provision does not limit the purchaser from acquiring up to 4.99% of our common shares, selling all of its common shares, and re-acquiring up to 4.99% of our common shares.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:10pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The October 2017 Warrant contains a provision whereby its holder has the right to a cashless exercise if, six months after its issuance, a registration statement covering their resale is not effective. If for any reason the Company is unable to keep such a registration statement active and its share price is higher than the $1.60 exercise price, the Company could be required to issue shares without receiving cash consideration. The October 2017 Warrant is exercisable for 24 months after its issuance. A registration statement covering this transaction was filed with the U.S. Securities and Exchange Commission and became effective on February 8, 2018.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2017, in connection with the </font><font style="font-family:'Times New Roman'">October 2017 SPA</font><font style="font-family:'Times New Roman'">, the October 2017 Warrant was outstanding and exercisable for an aggregate of 12,500,000 common shares.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company during 2017 has recorded $218 expense in connection with these warrants which was deducted from share premium in equity.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">During the years ended December 31, 2017, 2016 and 2015, Globus issued 20,937, 47,897 and 18,372 common shares respectively as share-based payments. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><table cellspacing="0" cellpadding="0" style="width:411pt; margin-left:56.7pt; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="DM_MAP_8788ded3cc1f42f8a7ae33faa4f203a9"><font style="font-family:'Times New Roman'; font-weight:bold">Series A Preferred  Shares issued</font></a></p></td><td style="width:96.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of shares </font></p></td><td style="width:48.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">USD</font></p></td></tr><tr style="height:12.75pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As a January 1, 2015</font></p></td><td style="width:96.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,567</font></p></td><td style="width:48.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2</font></p></td></tr><tr style="height:12.75pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year</font></p></td><td style="width:96.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:48.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr><tr style="height:12.75pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2015</font></p></td><td style="width:96.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,567</font></p></td><td style="width:48.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2</font></p></td></tr><tr style="height:12.75pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year </font></p></td><td style="width:96.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:48.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr><tr style="height:12.75pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Shares redeemed by the issuer</font></p></td><td style="width:96.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(2,567)</font></p></td><td style="width:48.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(2)</font></p></td></tr><tr style="height:12.75pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2016</font></p></td><td style="width:96.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:48.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr><tr style="height:12.75pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Issued during the year </font></p></td><td style="width:96.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:48.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:234.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">As at December 31, 2017</font></p></td><td style="width:96.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:48.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The holders of Company’s series A preferred shares were entitled to receive, if funds were legally available, dividends payable in cash in an amount per share to be determined by unanimous resolution of Company’s Remuneration Committee, in its sole discretion. Globus’s board of directors or Remuneration Committee would determine whether funds were legally available under the Marshall Islands Business Corporations Act (“BCA”) for such dividend.  Any accrued but unpaid dividends would not bear interest.  Except as could have been provided in the BCA, holders of the series A preferred shares did not have any voting rights.  Upon the Company’s liquidation, dissolution or winding up, the holders of its series A preferred shares would be entitled to a preference in the amount of the declared and unpaid dividends, if any, as of the date of liquidation, dissolution or winding up.  The series A preferred shares were not convertible into any of its other capital stock. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In July 2016 the 2,567 series A preferred shares, granted to the Company’s former Chief Executive Officer were redeemed and as of December 31, 2016, the Company had no series A preferred shares outstanding.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2017, 2016 and 2015, no Class B shares were outstanding.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Share premium includes the contribution of Globus’ shareholders to the acquisition of the Company’s vessels. Additionally, share premium includes the effects of the acquisition of non-controlling interest, the effects of the Globus initial and follow-on public offerings, the effects of the settlement of the related party loans (note 4) with the issuance of the Company’s common shares and the effects of the share based payments described in note 13. Accordingly at December 31, 2017, 2016 and 2015, Globus share premium amounted to $139,571, $110,004 and $109,954, respectively.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">7. Prepayments and other assets</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Prepayments and other assets in the consolidated statement of financial position are analysed as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.15pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:287.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_b4083bb68deb480b95fbfc5284f8fe8c"><font style="font-family:'Times New Roman'"> </font></a></p></td><td colspan="2" style="width:128.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">          Decembe</font><font style="font-family:'Times New Roman'; font-weight:bold">r 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:287.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:58.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:58.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="width:287.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bunkers </font></p></td><td style="width:58.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">216</font></p></td><td style="width:58.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">504</font></p></td></tr><tr style="height:13.5pt"><td style="width:287.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other prepayments and other assets</font></p></td><td style="width:58.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">210</font></p></td><td style="width:58.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">513</font></p></td></tr><tr style="height:13.5pt"><td style="width:287.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:58.9pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">426</font></p></td><td style="width:58.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,017</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:471.6pt; margin-left:28.35pt; border-collapse:collapse"><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="3" style="width:215pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">   For the year ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:51.3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Loss for the year</font></p></td><td style="width:51.3pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(6,475)</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(9,825)</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(32,396)</font></p></td></tr><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Less: Dividends on preferred shares (note 17)</font></p></td><td style="width:51.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(448)</font></p></td></tr><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Loss attributable to common equity holders</font></p></td><td style="width:51.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(6,475)</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(9,825)</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(32,844)</font></p></td></tr><tr style="height:13.5pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Weighted average number of shares for basic and diluted LPS</font></p></td><td style="width:51.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">25,749,951</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,603,835</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,566,673</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:495.05pt; border-collapse:collapse"><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:14.4pt; margin-bottom:0pt; text-indent:-14.4pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Borrower</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Loan Balance</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Unamortized Debt Discount</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total Borrowings</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Devocean Maritime LTD., Domina Maritime LTD. & Dulac Maritime S.A.</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">24,937</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(101)</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">24,836</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b) </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Artful Shipholding S.A. & Longevity Maritime Limited</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">16,723</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(21)</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">16,702</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total at December 31, 2017</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">41,660</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(122)</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">41,538</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less: Current Portion</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(41,660)</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">122</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(41,538)</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Long-Term Portion</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:60.05pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:45.9pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:60.05pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:45.9pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total at December 31, 2016</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">65,778</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(206)</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">65,572</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less: Current Portion</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(23,634)</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">84</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(23,550)</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Long-Term Portion</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">42,144</font></p></td><td style="width:60.05pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(122)</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">42,022</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The contractual annual loan principal payments per bank loan to be made subsequent to December 31, 2017, assuming that the banks will not demand the repayment of the loans before their maturity, were as follows:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:336.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:103.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:49.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font></p></td><td colspan="2" style="width:98pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font></p></td><td style="width:42.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td></tr><tr style="height:24pt"><td style="width:103.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:49.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">HSH Bank</font></p></td><td colspan="2" style="width:98pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">DVB Bank</font></p></td><td style="width:42.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:13.5pt"><td style="width:103.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31</font></p></td><td style="width:49.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:45.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Tranche (A)</font></p></td><td style="width:42.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Tranche (B)</font></p></td><td style="width:42.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td></tr><tr style="height:12.75pt"><td style="width:103.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2018</font></p></td><td style="width:49.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,774</font></p></td><td style="width:45.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8,380</font></p></td><td style="width:42.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,249</font></p></td><td style="width:42.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">12,403</font></p></td></tr><tr style="height:12.75pt"><td style="width:103.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="width:49.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">22,163</font></p></td><td style="width:45.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">7,094</font></p></td><td style="width:42.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">29,257</font></p></td></tr><tr style="height:12.75pt"><td style="width:103.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2020 and thereafter  </font></p></td><td style="width:49.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:103.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:49.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">24,937</font></p></td><td style="width:45.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,380</font></p></td><td style="width:42.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,343</font></p></td><td style="width:42.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">41,660</font></p></td></tr></table></div><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The contractual annual loan principal payments per bank loan to be made subsequent to December 31, 2016, </font><font style="font-family:'Times New Roman'">were</font><font style="font-family:'Times New Roman'"> as follows:</font></p><p style="margin:0pt 7.05pt 0pt 36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:456.15pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:11.55pt"><td style="width:104.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:50.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font></p></td><td colspan="2" style="width:99.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font></p></td><td style="width:46.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(d)</font></p></td><td style="width:47.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(f)</font></p></td><td style="width:42.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td></tr><tr style="height:21.8pt"><td style="width:104.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:50.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">HSH Bank</font></p></td><td colspan="2" style="width:99.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">DVB Bank</font></p></td><td style="width:46.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Firment Trading </font></p></td><td style="width:47.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Silaner Investments</font></p></td><td style="width:42.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:12.25pt"><td style="width:104.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31</font></p></td><td style="width:50.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:45.75pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Tranche (A)</font></p></td><td style="width:42.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Tranche (B)</font></p></td><td style="width:46.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Limited</font></p></td><td style="width:47.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Limited</font></p></td><td style="width:42.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td></tr><tr style="height:11.55pt"><td style="width:104.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2017</font></p></td><td style="width:50.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,774</font></p></td><td style="width:45.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,760</font></p></td><td style="width:42.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,665</font></p></td><td style="width:46.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">17,435</font></p></td><td style="width:47.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23,634</font></p></td></tr><tr style="height:11.55pt"><td style="width:104.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2018</font></p></td><td style="width:50.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,774</font></p></td><td style="width:45.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">7,940</font></p></td><td style="width:42.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,665</font></p></td><td style="width:46.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:47.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,115</font></p></td><td style="width:42.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">15,494</font></p></td></tr><tr style="height:11.55pt"><td style="width:104.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="width:50.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">20,388</font></p></td><td style="width:45.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,262</font></p></td><td style="width:46.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:47.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">26,650</font></p></td></tr><tr style="height:11.55pt"><td style="width:104.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2020 and thereafter  </font></p></td><td style="width:50.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:46.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:47.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.25pt"><td style="width:104.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:50.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">25,936</font></p></td><td style="width:45.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,700</font></p></td><td style="width:42.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,592</font></p></td><td style="width:46.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">17,435</font></p></td><td style="width:47.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,115</font></p></td><td style="width:42.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">65,778</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Voyage expenses consisted of:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="3" style="width:195.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">          For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:53.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:60.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:59.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:12.75pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Commissions </font></p></td><td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">781</font></p></td><td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">468</font></p></td><td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">675</font></p></td></tr><tr style="height:12.75pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bunkers expenses</font></p></td><td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">968</font></p></td><td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">593</font></p></td><td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,519</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other voyage expenses</font></p></td><td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">143</font></p></td><td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">210</font></p></td><td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">190</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:53.7pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,892</font></p></td><td style="width:60.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,271</font></p></td><td style="width:59.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,384</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessel operating expenses consisted of:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:469.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13pt"><td style="width:228.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="5" style="width:219.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">              For the year ended December 31,</font></p></td></tr><tr style="height:13.8pt"><td colspan="2" style="width:237.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:59.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:70.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:57.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td colspan="2" style="width:237.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Crew wages and related costs</font></p></td><td style="width:59.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,645</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,829</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,919</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td colspan="2" style="width:237.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Insurance </font></p></td><td style="width:59.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">742</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">798</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">929</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td colspan="2" style="width:237.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Spares, repairs and maintenance</font></p></td><td style="width:59.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,222</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,699</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,664</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td colspan="2" style="width:237.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Lubricants</font></p></td><td style="width:59.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">496</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">462</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">534</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td colspan="2" style="width:237.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Stores</font></p></td><td style="width:59.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">783</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">633</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">939</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.8pt"><td colspan="2" style="width:237.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other</font></p></td><td style="width:59.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">247</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">267</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">336</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.8pt"><td colspan="2" style="width:237.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:59.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,135</font></p></td><td style="width:70.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,688</font></p></td><td style="width:57.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">10,321</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:239.35pt"></td><td style="width:9pt"></td><td style="width:70pt"></td><td style="width:81pt"></td><td style="width:68.3pt"></td><td style="width:2pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:466.9pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13pt"><td style="width:226.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="4" style="width:216pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">                 For the year ended December 31,</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.8pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:57.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:73.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td colspan="2" style="width:57.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:13pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Personnel expenses</font></p></td><td style="width:57.7pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">628</font></p></td><td style="width:73.7pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,040</font></p></td><td colspan="2" style="width:57.55pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">981</font></p></td></tr><tr style="height:13pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Audit fees</font></p></td><td style="width:57.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">101</font></p></td><td style="width:73.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">111</font></p></td><td colspan="2" style="width:57.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">112</font></p></td></tr><tr style="height:13pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Travelling expenses</font></p></td><td style="width:57.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3</font></p></td><td style="width:73.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4</font></p></td><td colspan="2" style="width:57.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">9</font></p></td></tr><tr style="height:13pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Consulting fees</font></p></td><td style="width:57.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">54</font></p></td><td style="width:73.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">28</font></p></td><td colspan="2" style="width:57.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">90</font></p></td></tr><tr style="height:13pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Communication</font></p></td><td style="width:57.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11</font></p></td><td style="width:73.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">19</font></p></td><td colspan="2" style="width:57.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">15</font></p></td></tr><tr style="height:13pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Stationery</font></p></td><td style="width:57.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td><td style="width:73.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td><td colspan="2" style="width:57.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td></tr><tr style="height:13pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Greek authorities tax (note 20) </font></p></td><td style="width:57.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">116</font></p></td><td style="width:73.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">264</font></p></td><td colspan="2" style="width:57.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">256</font></p></td></tr><tr style="height:13.8pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Other </font></p></td><td style="width:57.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">309</font></p></td><td style="width:73.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">626</font></p></td><td colspan="2" style="width:57.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">286</font></p></td></tr><tr style="height:13.8pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:57.7pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,224</font></p></td><td style="width:73.7pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,094</font></p></td><td colspan="2" style="width:57.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,751</font></p></td></tr><tr style="height:0pt"><td style="width:237.3pt"></td><td style="width:8.25pt"></td><td style="width:68.5pt"></td><td style="width:84.5pt"></td><td style="width:65.55pt"></td><td style="width:2.8pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:458.4pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="3" style="width:200.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">             For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:59.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Interest payable on long-term borrowings</font></p></td><td style="width:48.6pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,778</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,430</font></p></td><td style="width:59.9pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,523</font></p></td></tr><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bank charges </font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">34</font></p></td><td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">33</font></p></td><td style="width:59.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">32</font></p></td></tr><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Amortization of debt discount</font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">84</font></p></td><td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">128</font></p></td><td style="width:59.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">146</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other finance expenses</font></p></td><td style="width:48.6pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">325</font></p></td><td style="width:70.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">85</font></p></td><td style="width:59.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">82</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:48.6pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,221</font></p></td><td style="width:70.7pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,676</font></p></td><td style="width:59.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,783</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:410.55pt; margin-left:36pt; border-collapse:collapse"><tr><td style="width:250.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:60.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr><td style="width:250.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Within one year</font></p></td><td style="width:67.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,548</font></p></td><td style="width:60.1pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,086</font></p></td></tr><tr><td style="width:250.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:67.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,548</font></p></td><td style="width:60.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,086</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:418.15pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:62.75pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:69.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Within one year</font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">149</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">131</font></p></td></tr><tr style="height:12.75pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">After one year but not more than five years</font><font style="font-family:'Times New Roman'; font-size:8pt"> </font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">596</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">522</font></p></td></tr><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">More than five years</font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">299</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">392</font></p></td></tr><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:62.75pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,044</font></p></td><td style="width:69.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,045</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">11. Loss per Share</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On October 20, 2016, the Company effected a four-for-one reverse stock split which reduced number of outstanding common shares from 10,510,741 to 2,627,674 shares (adjustments were made based on fractional shares). Unless otherwise noted, all historical share numbers and per share amounts have been adjusted to give effect to this reverse split.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Basic loss per share (‘‘LPS’’) is calculated by dividing the net loss for the year attributable to Globus shareholders by the weighted average number of shares issued, paid and outstanding.  </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Diluted loss per share is calculated by dividing the net loss attributable to common equity holders of the parent by the weighted average shares outstanding during the year plus the weighted average number of common shares that would be issued on the conversion of all the dilutive potential common shares into common shares. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company excluded the dilutive effect of 43,398,209 of potential common shares issuable upon exercise of warrants as their effect was anti-dilutive.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following reflects the loss and share data used in the basic and diluted loss per share computations:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><table cellspacing="0" cellpadding="0" style="width:471.6pt; margin-left:28.35pt; border-collapse:collapse"><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_a9e11b2930344868aff74de08bb9ae56"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></a></p></td><td colspan="3" style="width:215pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">   For the year ended December 31,</font></p></td></tr><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:51.3pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Loss for the year</font></p></td><td style="width:51.3pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(6,475)</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(9,825)</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(32,396)</font></p></td></tr><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Less: Dividends on preferred shares (note 17)</font></p></td><td style="width:51.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:71.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(448)</font></p></td></tr><tr style="height:12.75pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Loss attributable to common equity holders</font></p></td><td style="width:51.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(6,475)</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(9,825)</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(32,844)</font></p></td></tr><tr style="height:13.5pt"><td style="width:235pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Weighted average number of shares for basic and diluted LPS</font></p></td><td style="width:51.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">25,749,951</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,603,835</font></p></td><td style="width:71.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,566,673</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><h1 style="margin-top:0pt; margin-left:46.3pt; margin-bottom:0pt; text-indent:-18pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">12. Long-Term Debt, net  </font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">            Long-term debt in the consolidated statement of financial position is analysed as follows:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><table cellspacing="0" cellpadding="0" style="width:495.05pt; border-collapse:collapse; text-align:left"><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:14.4pt; margin-bottom:0pt; text-indent:-14.4pt; text-align:justify; font-size:9pt"><a name="DM_MAP_d40599d3db2d41078c5d3bce022aa5cc"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></a></p></td><td style="width:273pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Borrower</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Loan Balance</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Unamortized Debt Discount</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total Borrowings</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Devocean Maritime LTD., Domina Maritime LTD. & Dulac Maritime S.A.</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">24,937</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(101)</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">24,836</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b) </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Artful Shipholding S.A. & Longevity Maritime Limited</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">16,723</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(21)</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">16,702</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total at December 31, 2017</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">41,660</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(122)</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">41,538</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less: Current Portion</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(41,660)</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">122</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(41,538)</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Long-Term Portion</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:60.05pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:45.9pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:60.05pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:45.9pt; border-top-style:double; border-top-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total at December 31, 2016</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">65,778</font></p></td><td style="width:60.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(206)</font></p></td><td style="width:45.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">65,572</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less: Current Portion</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(23,634)</font></p></td><td style="width:60.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">84</font></p></td><td style="width:45.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(23,550)</font></p></td></tr><tr><td style="width:16.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:273pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Long-Term Portion</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">42,144</font></p></td><td style="width:60.05pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(122)</font></p></td><td style="width:45.9pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">42,022</font></p></td></tr></table><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font><font style="font-family:'Times New Roman'"> In February 2015, Devocean Maritime Ltd., Domina Maritime Ltd and Dulac Maritime S.A. (“Devocean et al.”), vessel owning companies of m/v River Globe, m/v Sky Globe and m/v Star Globe, respectively, entered into a loan agreement for up to $30,000 with HSH Nordbank AG (the “Bank”) for the purpose of partially prepaying the then outstanding secured reducing revolving credit facility with Credit Suisse AG. The loan facility is in the names of Devocean Maritime Ltd., Domina Maritime Ltd and Dulac Maritime S.A. as the borrowers and is guaranteed by Globus (“Guarantor”). The loan facility bears interest at LIBOR plus a margin of 3.00% for interest periods of three months and 3.10% for interest periods of one month. </font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On March 3, 2015, Devocean et al. drew down $29,405 as analyzed below and the Company prepaid $30,000 to Credit Suisse AG reducing the balance due to Credit Suisse AG to $5,000, which was settled in July 2015.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Tranche (A) of $8,580 for the purpose of prepaying to Credit Suisse AG the amount outstanding with respect to the m/v River Globe. The balance outstanding of tranche (A) at December 31, 2017, was $7,051 payable in 8 equal quarterly installments of $239 starting, March 2018, as well as a balloon payment of $5,139 due together with the 8th and final installment due in December 2019.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt">Tranche (B) of $10,100 for the purpose of prepaying to Credit Suisse AG the amount outstanding with respect to the m/v Sky Globe. The balance outstanding of tranche (B) at December 31, 2017, was $8,617 payable in 8 equal quarterly installments of $230 starting, March 2018, as well as a balloon payment of $6,777 due together with the 8th and final installment due in December 2019.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt">Tranche (C) of $10,725 for the purpose of prepaying to Credit Suisse AG the amount outstanding with respect to the m/v Star Globe. The balance outstanding of tranche (C) at December 31, 2017, was $9,269 payable in 8 equal quarterly installments of $224 starting, March 2018, as well as a balloon payment of $7,477 due together with the 8th and final installment due in December 2019.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The loan is secured by, among other things:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">First preferred mortgage over m/v River Globe, m/v Sky Globe and m/v Star Globe. </font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Guarantees from the vessel owning companies and from Globus.</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">First preferred assignment of all insurances and earnings of the mortgaged vessels. </font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Assignment of charter in respect of each vessel and an assignment of any guarantee or security in respect of such charters.</font></li><li style="margin-left:45.14pt; text-align:justify; padding-left:8.86pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Assignment of any related hedging agreements. </font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:0.55pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt">The original loan agreement contains various covenants requiring the vessels owning companies and Globus to ensure that:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:47.6pt; text-align:justify; line-height:12pt; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the aggregate fair market value of the mortgaged vessels must equal or exceed 125% of the outstanding balance under the loan agreement. </font></li><li style="margin-left:47.6pt; text-align:justify; line-height:12pt; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the ratio of the Company’s total liabilities to its market adjusted total assets shall always be not higher than 75%.</font></li><li style="margin-left:47.6pt; text-align:justify; line-height:12pt; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the Company maintain a minimum market adjusted net worth of more than or equal $30,000.</font></li><li style="margin-left:47.6pt; text-align:justify; line-height:12pt; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the vessel owning subsidiaries must each maintain a minimum liquidity of $250 in an account pledged to the bank,</font></li><li style="margin-left:47.6pt; text-align:justify; line-height:12pt; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">the Company shall maintain a minimum liquidity of greater than 5% of its consolidated indebtedness.   </font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">During April 2016, Globus reached an agreement in principle with HSH </font><font style="font-family:'Times New Roman'">Nordbank AG and entered into a supplemental agreement dated December 5, 2016 regarding</font><font style="font-family:'Times New Roman'"> certain amendments and waivers to the terms of the loan agreement to cure the breach of certain covenants as of December 31, 2015. It was agreed that certain financial covenants were relaxed and/or waived for the period from June 3, 2016 to March 3, 2017. It was also agreed that the Company would pay the June 2016 installment using the pledged cash of $750, that was already deposited in the Bank’s accounts and that the scheduled installments due in September and December 2016, each amounting to $694, would be deferred to the final repayment installment (the “deferred amounts”).</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2016, the Company was in compliance with the covenants of HSH Nordbank AG Loan Agreement, as amended and in effect.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On July 10, 2017, the Company entered a Second Supplemental Agreement for the period from March 4, 2017 to March 3, 2018. The main points agreed in this Second Supplemental Agreement were:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:47.6pt; text-align:justify; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Additional deferrals to the last scheduled repayment date of the principal amount of the loan during the period from June 3, 2016 through March 3, 2018, of $956 in relation to Devocean, $920 in relation to Domina, and $898 in relation to Dulac. </font></li><li style="margin-left:47.6pt; text-align:justify; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Deferral fee of 2.5 per cent per annum on the additional deferred amounts calculated from March 4, 2017 until March 3, 2018. </font></li><li style="margin-left:47.6pt; text-align:justify; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Prepayment of $1,000 on or before September 27, 2017, which has been settled.</font></li><li style="margin-left:47.6pt; text-align:justify; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Undertaking that the Company to raise at least $1,800 from its shareholders by December 31, 2017, which has been satisfied.</font></li><li style="margin-left:47.6pt; text-align:justify; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Restriction of the borrowers to make distributions or other payments to the Company so long as such additional deferred amounts remain outstanding.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:47.6pt; text-align:justify; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Waiver from June 3, 2016 through March 3, 2018, of the requirement that the Company maintains a net worth of at least $30,000 and holds cash on a consolidated basis with its subsidiaries of at least 5% of their consolidated indebtedness.</font></li></ul><p style="margin-top:0pt; margin-left:56.7pt; margin-bottom:0pt; text-indent:-21.25pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2017, the Company was in compliance with the covenants of HSH Nordbank AG Loan Agreement, as amended and in effect.</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">However, the Company may not be able to meet certain of the relaxed terms included in the supplemental agreement with the bank (Note 2.1) including maintaining a minimum liquidity and minimum net worth once the waiver expire on March 3, 2018 and cannot guarantee that will be able to obtain new waivers or extensions to this waiver. Accordingly, as the Company did not have an unconditional right to defer settlement of the related liability for at least twelve months after the date of the consolidated statement of financial position, the total balance of the loan outstanding to HSH of $24,836 at December 31, 2017, has been classified as current.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">(b)</font><font style="font-family:'Times New Roman'; font-size:9pt"> </font><font style="font-family:'Times New Roman'; font-size:9pt">In June 2011, Globus through its wholly owned subsidiaries, Artful Shipholding S.A.(“Artful”) and Longevity Maritime Limited (“Longevity”), entered into the DVB Loan Agreement for an amount up to $40,000 with DVB Bank SE and used funds borrowed thereunder to finance part of the purchase price for the m/v Moon Globe and m/v Sun Globe. Globus acts as guarantor for this loan.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt">In June 2011, $19,000 was drawn down (Tranche A) for the purpose of partly financing the acquisition of the m/v Moon Globe. The balance outstanding at December 31, 2017, of Tranche A is payable in 3 quarterly installments of $440, starting in June 2018 and a balloon payment of $7,060 payable together with the 3rd and last installment payable in December 2018. As of December 31, 2017, the outstanding principal balance of Tranche A was $8,380. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt">In September 2011, $18,000 was drawn (Tranche B) for the purpose of partly financing the acquisition of the m/v Sun Globe. The balance outstanding at December 31, 2017, of Tranche B is payable in 4 quarterly installments of $416.25 and a balloon payment of $6,678 payable together with the 4th and last installment payable in March 2019. As of December 31, 2017, the outstanding principal balance of Tranche B was $8,343.</font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The loan is secured by, among other things:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-right:7.05pt; margin-left:44.59pt; text-align:justify; padding-left:12.11pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">First preferred mortgage over m/v Moon Globe and m/v Sun Globe. </font></li><li style="margin-right:7.05pt; margin-left:44.59pt; text-align:justify; padding-left:12.11pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Guarantees from the vessel owning companies and from Globus.</font></li><li style="margin-right:7.05pt; margin-left:44.59pt; text-align:justify; padding-left:12.11pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">First preferred assignment of all insurances and earnings of the mortgaged vessels. </font></li><li style="margin-right:7.05pt; margin-left:44.59pt; text-align:justify; padding-left:12.11pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Account pledges respecting the minimum liquidity accounts and operating accounts of the Company described in the loan agreement.</font></li><li style="margin-right:7.05pt; margin-left:44.59pt; text-align:justify; padding-left:12.11pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Assignment of charter in respect of each vessel, and an assignment of guarantee of charter in respect of m/v Moon Globe.</font></li></ul><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:0.55pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt">The original loan agreement and/or the original Globus guarantee contains various covenants requiring the vessels owning companies and/or Globus to, amongst others things, ensure that:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:56.7pt; text-indent:-21.25pt; text-align:justify; line-height:12pt; font-family:serif; font-size:9pt; list-style-position:inside"><font style="font:7pt 'Times New Roman'">                 </font><font style="font-family:'Times New Roman'">The aggregate fair market value of the m/v Sun Globe and the m/v Moon Globe must equal or exceed 130% of the outstanding balance under the loan agreement less any cash up to $1,000 held in the operating accounts pledged to the lender. </font></li><li style="margin-left:56.7pt; text-indent:-21.25pt; text-align:justify; line-height:12pt; font-family:serif; font-size:9pt; list-style-position:inside"><font style="font:7pt 'Times New Roman'">                 </font><font style="font-family:'Times New Roman'">The ratio of the Company’s market adjusted net worth to total assets must be greater than 35%.</font></li><li style="margin-left:56.7pt; text-indent:-21.25pt; text-align:justify; line-height:12pt; font-family:serif; font-size:9pt; list-style-position:inside"><font style="font:7pt 'Times New Roman'">                 </font><font style="font-family:'Times New Roman'">The Company maintain a minimum market adjusted net worth of more than $50,000.</font></li><li style="margin-left:56.7pt; text-indent:-21.25pt; text-align:justify; line-height:12pt; font-family:serif; font-size:9pt; list-style-position:inside"><font style="font:7pt 'Times New Roman'">                 </font><font style="font-family:'Times New Roman'">The vessel owning subsidiaries must each maintain a minimum liquidity of $500 in an account pledged to the Bank,</font></li></ul><p style="margin-top:0pt; margin-left:56.7pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt">and minimum liquidity of the lesser of $10,000 and $1,000 per vessel owned by the Company.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt">On April 18, 2016, Globus reached an agreement with the lender on certain amendments and waivers to the terms of the loan agreement in order to cure the incompliance with certain covenants as of December 31, 2015, valid for the period from March 1, 2016, to March 31, 2017 (“third waiver period”) as listed below:</font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:47.6pt; text-align:justify; line-height:12pt; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">The aggregate fair market value of the m/v Sun Globe and the m/v Moon Globe must equal or exceed 50% of the outstanding balance under the loan agreement.</font></li><li style="margin-left:47.6pt; text-align:justify; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">The covenant for the Company to maintain a minimum tangible net worth of $50,000 was waived during the </font><font style="font-family:'Times New Roman'">third waiver period.</font></li><li style="margin-left:47.6pt; text-align:justify; line-height:12pt; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">The covenant for the ratio of the Company’s market adjusted net worth to total assets must be greater than 35% was waived during the </font><font style="font-family:'Times New Roman'">third waiver period.</font></li><li style="margin-left:47.6pt; text-align:justify; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">The above amendments were subject to a $1,713 prepayment - to be applied against the four quarterly installments of each tranche following the prepayment, which was paid in April, 2016.</font></li></ul><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">On June 23, 2017, the Company entered a new supplemental agreement with the lender, mostly respecting the period commencing on April 1, 2017 and ending on April 1, 2018. The main points agreed in this Supplemental Agreement were:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:47.6pt; text-align:justify; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Additional deferrals to the last scheduled repayment date of the principal amount of the loan of $880 in relation to Artful and $833 in relation to Longevity.</font></li><li style="margin-left:47.6pt; text-align:justify; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Payment of $880 in relation to Artful and $833 in relation to Longevity on or before September 28, 2017, which has already been settled.</font></li><li style="margin-left:47.6pt; text-align:justify; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Value maintenance clause regarding the ships owned by the borrowers in respect of the outstanding principal amount of their loans to decrease to 50% until December 31, 2017; increasing to 105% from January 1, 2018, and to 130% after June 30, 2018.</font></li><li style="margin-left:47.6pt; text-align:justify; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Replacing the requirement that George Karageorgiou be the Chief Executive Officer of the Company at all times with the requirement that Athanasios Feidakis be the Chief Executive Officer of the Company at all times after December 28, 2015.</font></li><li style="margin-left:47.6pt; text-align:justify; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Waiver from April 1, 2017 through April 1, 2018, of the requirement that the Company on a consolidated basis with its subsidiaries, (i) hold cash of at least $10,000 or 1,000 per each of its vessels, (ii) maintains a net worth of at least $50,000, and (iii) maintains a ratio of at least 35% of its market value adjusted assets less liabilities to its market value adjusted assets.</font></li><li style="margin-left:47.6pt; text-align:justify; padding-left:9.1pt; font-family:serif; font-size:9pt"><font style="font-family:'Times New Roman'">Back-end fee of 0.75 per cent per annum of the outstanding principal amount of the loan calculated from April 1, 2017 through April 1, 2018.</font></li></ul><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt">As of December 31, 2017 and 2016, the Company was in compliance with the loan covenants of the DVB Loan Agreement, as amended and in effect.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt">However, the Company may not be able to meet certain of the relaxed terms included in the supplemental agreement with the bank (Note 2.1) including maintaining a minimum liquidity and minimum net worth once the waiver expires on April 1, 2018 and cannot guarantee that will be able to obtain new waivers or extensions to this waiver. Accordingly, as the Company did not have an unconditional right to defer settlement of the related liability for at least twelve months after the date of the consolidated statement of financial position, the total balance of the loan outstanding to DVB of $16,702 at December 31, 2017, has been classified as current.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">(c) </font><font style="font-family:'Times New Roman'; font-size:9pt">In June 2010, Kelty Marine Ltd entered into a loan agreement (“Kelty Loan Agreement”) for $26,650 with Commerzbank AG for the purpose of part financing the acquisition of m/v Jin Star (renamed to Energy Globe). The loan facility was in the name of Kelty Marine Ltd as the borrower and is guaranteed by Globus (“Guarantor”).</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt">In March 2016, the Company reached a settlement agreement with Commerzbank AG relating to the Kelty Loan Agreement.  Commerzbank AG agreed to settle the then outstanding indebtedness of $15,650 plus the accrued interest of $122 in return of the consideration from the sale of the shares of Kelty Marine Ltd. for $6,860 plus a payment of overdue interest of $40.7.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:9pt">The result from the sale of Kelty Marine Ltd. was a gain of $2,257 (including the partial write–off of the outstanding balance of the Commerzbank AG loan described above), which is classified under “Gain from sale of subsidiary” in the 2016 consolidated statement of comprehensive loss. Globus Shipmanagement Corp., the Company’s ship management subsidiary continued to act as Kelty Marine Ltd.’s ship manager at a daily fee of $900  until June 2016 when the related management agreement expired.</font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(d) </font><font style="font-family:'Times New Roman'">In December 2013, Globus entered into a credit facility for up to $4,000 with Firment Trading Limited (“the lender”), an affiliate of the Company’s chairman, for the purpose of financing its general working capital needs. The Firment Credit Facility is unsecured and remained available until its termination on April 12, 2017. During December 2014 through a supplemental agreement reached between the Company and the lender, the credit limit of the facility increased from $4,000 to $8,000 and its maturity date was extended from December 16 2015 to April 29, 2016. Globus had the right to drawdown any amount up to $8,000 or prepay any amount, during the availability period in multiples of $100. During December 2015, the credit limit of the facility increased from $8,000 to $20,000 and its final maturity date was extended to April 12, 2017. In December 2015, the Firment Credit Facility was assigned from Firment Trading Limited, a Cypriot company, to Firment Trading Limited, a Marshall Islands corporation, each of which is an affiliate of the Company’s chairman. Any prepaid amount could be re-borrowed in accordance with the terms of the agreement. Interest on drawn and outstanding amounts was charged at 5% per annum and no commitment fee was charged on the amounts remaining available and undrawn. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2016 the amount drawn and outstanding with respect to the facility was $17,435 </font><font style="font-family:'Times New Roman'">and there was an amount of $2,565 available to be drawn </font><font style="font-family:'Times New Roman'">(note 4). As of December 31, 2016, the Company was in compliance with the loan covenants of the Firment Credit Facility.</font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In connection with the February 2017 private placement, as further discussed in note 4, a loan amendment agreement was entered into by the Company with Firment Trading Limited, the lender of the Firment Credit Facility, which then had an outstanding principal amount of $18,524. Firment Trading Limited released an amount equal to $16,885 (but left an amount equal to $1,639 outstanding, which continued to accrue under the Firment Credit Facility as though it were principal) of the Firment Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Firment Trading Limited, 16,885,000 common shares and a warrant to purchase 6,230,580 common shares at a price of $1.60 per share. Subsequent to the closing of the February 2017 private placement, Globus repaid the outstanding amount on the Firment Credit Facility in its entirety. The Firment Credit Facility terminated on April 12, 2017.</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-indent:-28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Book Antiqua'; font-weight:bold">(e)</font><font style="font-family:'Book Antiqua'"> </font><font style="font-family:'Times New Roman'">In January 2016, Globus Maritime Limited entered into a credit facility for up to $3,000 with Silaner Investments Limited, an affiliate of the Company’s chairman, for the purpose of financing its general working capital needs. The Silaner Credit Facility was unsecured and remained available until its final maturity date on January 12, 2018. The Company had the right to drawdown any amount up to $3,000 or prepay any amount in multiples of $100. Any prepaid amount could have been re-borrowed in accordance with the terms of the facility. Interest on drawn and outstanding amounts was charged at 5% per annum and no commitment fee was charged on the amounts remaining available and undrawn.</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of December 31, 2016, the amount drawn and outstanding with respect to the facility was $3,115 and the Company was in compliance with the covenants of the Silaner Credit Facility.</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">In connection with the February 2017 private placement, as further discussed in note 4, a loan amendment agreement was entered into by the Company with Silaner Investments Limited, the lender of the Silaner Credit Facility. Silaner Investments Limited released an amount equal to the outstanding principal of $3,115 (but left an amount equal to $74 outstanding, which continued to accrue under the Silaner Credit Facility as though it were principal) of the Silaner Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Silaner Investments Limited, 3,115,000 common shares and a warrant to purchase 1,149,437 common shares at a price of $1.60 per share. During 2017, the Company drew down $ 280 under this facility and, before the end of the year, Globus repaid the outstanding amount on the Silaner Credit Facility in its entirety. As of December 31, 2017, no amount was drawn and outstanding with respect to the facility. The Silaner Credit Facility terminated at January 12, 2018. </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><a name="DM_MAP_4bd0a1ce3dd043cab20ea879e53ee2ad"><font style="font-family:'Times New Roman'">The contractual annual loan principal payments per bank loan to be made subsequent to December 31, 2017, assuming that the banks will not demand the repayment of the loans before their maturity, were as follows:</font></a></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:336.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:103.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:49.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font></p></td><td colspan="2" style="width:98pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font></p></td><td style="width:42.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td></tr><tr style="height:24pt"><td style="width:103.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:49.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">HSH Bank</font></p></td><td colspan="2" style="width:98pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">DVB Bank</font></p></td><td style="width:42.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:13.5pt"><td style="width:103.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31</font></p></td><td style="width:49.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:45.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Tranche (A)</font></p></td><td style="width:42.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Tranche (B)</font></p></td><td style="width:42.05pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td></tr><tr style="height:12.75pt"><td style="width:103.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2018</font></p></td><td style="width:49.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,774</font></p></td><td style="width:45.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">8,380</font></p></td><td style="width:42.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,249</font></p></td><td style="width:42.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">12,403</font></p></td></tr><tr style="height:12.75pt"><td style="width:103.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="width:49.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">22,163</font></p></td><td style="width:45.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">7,094</font></p></td><td style="width:42.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">29,257</font></p></td></tr><tr style="height:12.75pt"><td style="width:103.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2020 and thereafter  </font></p></td><td style="width:49.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:13.5pt"><td style="width:103.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:49.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">24,937</font></p></td><td style="width:45.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,380</font></p></td><td style="width:42.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,343</font></p></td><td style="width:42.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">41,660</font></p></td></tr></table></div><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The contractual annual loan principal payments per bank loan to be made subsequent to December 31, 2016, </font><font style="font-family:'Times New Roman'">were</font><font style="font-family:'Times New Roman'"> as follows:</font></p><p style="margin:0pt 7.05pt 0pt 36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:456.15pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:11.55pt"><td style="width:104.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:50.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(a)</font></p></td><td colspan="2" style="width:99.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(b)</font></p></td><td style="width:46.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(d)</font></p></td><td style="width:47.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">(f)</font></p></td><td style="width:42.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td></tr><tr style="height:21.8pt"><td style="width:104.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:50.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">HSH Bank</font></p></td><td colspan="2" style="width:99.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">DVB Bank</font></p></td><td style="width:46.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Firment Trading </font></p></td><td style="width:47.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Silaner Investments</font></p></td><td style="width:42.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:12.25pt"><td style="width:104.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31</font></p></td><td style="width:50.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:45.75pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Tranche (A)</font></p></td><td style="width:42.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Tranche (B)</font></p></td><td style="width:46.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Limited</font></p></td><td style="width:47.15pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Limited</font></p></td><td style="width:42.65pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td></tr><tr style="height:11.55pt"><td style="width:104.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2017</font></p></td><td style="width:50.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,774</font></p></td><td style="width:45.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,760</font></p></td><td style="width:42.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,665</font></p></td><td style="width:46.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">17,435</font></p></td><td style="width:47.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23,634</font></p></td></tr><tr style="height:11.55pt"><td style="width:104.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2018</font></p></td><td style="width:50.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,774</font></p></td><td style="width:45.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">7,940</font></p></td><td style="width:42.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,665</font></p></td><td style="width:46.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:47.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3,115</font></p></td><td style="width:42.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">15,494</font></p></td></tr><tr style="height:11.55pt"><td style="width:104.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="width:50.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">20,388</font></p></td><td style="width:45.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,262</font></p></td><td style="width:46.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:47.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">26,650</font></p></td></tr><tr style="height:11.55pt"><td style="width:104.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">2020 and thereafter  </font></p></td><td style="width:50.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:46.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:47.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:42.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.25pt"><td style="width:104.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:50.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">25,936</font></p></td><td style="width:45.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,700</font></p></td><td style="width:42.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,592</font></p></td><td style="width:46.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">17,435</font></p></td><td style="width:47.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3,115</font></p></td><td style="width:42.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">65,778</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-28.35pt; font-size:9pt"><font style="font-family:'Times New Roman'">             The weighted average interest rate for the years ended December 31, 2017 and 2016, was 3.8% and 3.52%, respectively. </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">14. Voyage Expenses and Vessel Operating Expenses</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Voyage expenses and vessel operating expenses in the consolidated statements of comprehensive loss consisted of the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">           </font><a name="DM_MAP_7590edcd62b04697b3393d09a5dca643"><font style="font-family:'Times New Roman'; font-weight:bold">Voyage expenses consisted of:</font></a></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:438.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="3" style="width:195.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">          For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:53.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:60.95pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:59.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:12.75pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Commissions </font></p></td><td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">781</font></p></td><td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">468</font></p></td><td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">675</font></p></td></tr><tr style="height:12.75pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bunkers expenses</font></p></td><td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">968</font></p></td><td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">593</font></p></td><td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,519</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other voyage expenses</font></p></td><td style="width:53.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">143</font></p></td><td style="width:60.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">210</font></p></td><td style="width:59.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">190</font></p></td></tr><tr style="height:13.5pt"><td style="width:221.65pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:53.7pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,892</font></p></td><td style="width:60.95pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,271</font></p></td><td style="width:59.35pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,384</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessel operating expenses consisted of:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:469.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13pt"><td style="width:228.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="5" style="width:219.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">              For the year ended December 31,</font></p></td></tr><tr style="height:13.8pt"><td colspan="2" style="width:237.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:59.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:70.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:57.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td colspan="2" style="width:237.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Crew wages and related costs</font></p></td><td style="width:59.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,645</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,829</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5,919</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td colspan="2" style="width:237.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Insurance </font></p></td><td style="width:59.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">742</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">798</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">929</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td colspan="2" style="width:237.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Spares, repairs and maintenance</font></p></td><td style="width:59.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,222</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,699</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,664</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td colspan="2" style="width:237.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Lubricants</font></p></td><td style="width:59.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">496</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">462</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">534</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13pt"><td colspan="2" style="width:237.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Stores</font></p></td><td style="width:59.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">783</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">633</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">939</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.8pt"><td colspan="2" style="width:237.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other</font></p></td><td style="width:59.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">247</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">267</font></p></td><td style="width:57.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">336</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.8pt"><td colspan="2" style="width:237.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:59.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,135</font></p></td><td style="width:70.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,688</font></p></td><td style="width:57.5pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">10,321</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:239.35pt"></td><td style="width:9pt"></td><td style="width:70pt"></td><td style="width:81pt"></td><td style="width:68.3pt"></td><td style="width:2pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">15. Administrative Expenses</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The amount shown in the consolidated statements of comprehensive loss is analysed as follows:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:466.9pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13pt"><td style="width:226.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_6e96746f6d684da4b151748749db8e51"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></a></p></td><td colspan="4" style="width:216pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">                 For the year ended December 31,</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.8pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:57.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:73.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td colspan="2" style="width:57.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:13pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Personnel expenses</font></p></td><td style="width:57.7pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">628</font></p></td><td style="width:73.7pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,040</font></p></td><td colspan="2" style="width:57.55pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">981</font></p></td></tr><tr style="height:13pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Audit fees</font></p></td><td style="width:57.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">101</font></p></td><td style="width:73.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">111</font></p></td><td colspan="2" style="width:57.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">112</font></p></td></tr><tr style="height:13pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Travelling expenses</font></p></td><td style="width:57.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">3</font></p></td><td style="width:73.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4</font></p></td><td colspan="2" style="width:57.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">9</font></p></td></tr><tr style="height:13pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Consulting fees</font></p></td><td style="width:57.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">54</font></p></td><td style="width:73.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">28</font></p></td><td colspan="2" style="width:57.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">90</font></p></td></tr><tr style="height:13pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Communication</font></p></td><td style="width:57.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11</font></p></td><td style="width:73.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">19</font></p></td><td colspan="2" style="width:57.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">15</font></p></td></tr><tr style="height:13pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Stationery</font></p></td><td style="width:57.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td><td style="width:73.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td><td colspan="2" style="width:57.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2</font></p></td></tr><tr style="height:13pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Greek authorities tax (note 20) </font></p></td><td style="width:57.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">116</font></p></td><td style="width:73.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">264</font></p></td><td colspan="2" style="width:57.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">256</font></p></td></tr><tr style="height:13.8pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Other </font></p></td><td style="width:57.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">309</font></p></td><td style="width:73.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">626</font></p></td><td colspan="2" style="width:57.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">286</font></p></td></tr><tr style="height:13.8pt"><td colspan="2" style="width:234.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:57.7pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,224</font></p></td><td style="width:73.7pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,094</font></p></td><td colspan="2" style="width:57.55pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,751</font></p></td></tr><tr style="height:0pt"><td style="width:237.3pt"></td><td style="width:8.25pt"></td><td style="width:68.5pt"></td><td style="width:84.5pt"></td><td style="width:65.55pt"></td><td style="width:2.8pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">16. Interest Expense and Finance Costs</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:27pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The amounts in the consolidated statements of comprehensive loss are analysed as follows:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:458.4pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_36e00073df1a48dcb80410758c4616df"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></a></p></td><td colspan="3" style="width:200.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">             For the year ended December 31,</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:59.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td></tr><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Interest payable on long-term borrowings</font></p></td><td style="width:48.6pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,778</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,430</font></p></td><td style="width:59.9pt; border-top-style:solid; border-top-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,523</font></p></td></tr><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Bank charges </font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">34</font></p></td><td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">33</font></p></td><td style="width:59.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">32</font></p></td></tr><tr style="height:12.75pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Amortization of debt discount</font></p></td><td style="width:48.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">84</font></p></td><td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">128</font></p></td><td style="width:59.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">146</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other finance expenses</font></p></td><td style="width:48.6pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">325</font></p></td><td style="width:70.7pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">85</font></p></td><td style="width:59.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">82</font></p></td></tr><tr style="height:13.5pt"><td style="width:236pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:48.6pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,221</font></p></td><td style="width:70.7pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,676</font></p></td><td style="width:59.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2,783</font></p></td></tr></table></div><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:64.35pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">17. Dividends </font></p><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></h1><h1 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:normal">Dividends declared and paid during the years ended December 31, 2017, 2016 and 2015, are as follows:</font></h1><h1 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:normal"> </font></h1><h1 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:normal">No dividends were declared or paid on common shares during the year ended December 31, 2017.</font></h1><h1 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:normal"> </font></h1><h1 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:normal">No dividends declared or paid on common shares during the year ended December 31, 2016. No dividends declared or paid on the Company’s Series A Preferred shares during the year ended December 31, 2016 as well. In July 2016, the 2,567 Series A Preferred shares were redeemed and, as of December 31, 2016, there were no Series A Preferred shares outstanding.</font></h1><h1 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:normal"> </font></h1><h1 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:normal">No dividends declared or paid on common shares during the year ended December 31, 2015. </font><font style="font-family:'Times New Roman'; font-weight:normal">Dividends declared and paid on the Company’s Series A Preferred shares during the year ended December 31, 2015, were as follows:</font></h1><h1 style="margin-top:0pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:normal"> </font></h1><table cellspacing="0" cellpadding="0" style="width:486.7pt; margin-left:21.3pt; border-collapse:collapse"><tr style="height:12.75pt"><td style="width:102.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">$ per share</font></p></td><td style="width:49.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">$000’s</font></p></td><td style="width:106.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">Date declared</font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">Date Paid</font></p></td></tr><tr style="height:12.75pt"><td style="width:102.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1st Preferred dividend</font></p></td><td style="width:91.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">77.26</font></p></td><td style="width:49.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">198</font></p></td><td style="width:106.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">February 18, 2015</font></p></td><td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">*</font></p></td></tr><tr style="height:12.75pt"><td style="width:102.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2nd Preferred dividend</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">97.39</font></p></td><td style="width:49.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">250</font></p></td><td style="width:106.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">December 21, 2015</font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">*    </font></p></td></tr><tr style="height:12.75pt"><td style="width:102.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:49.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">448</font></p></td><td style="width:106.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">* Settled with several payments, which final payment was made in January 2016.</font></p></div>
<div class="Section1"><h1 style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">18. Contingencies</font></h1><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font></p><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Book Antiqua'">Various claims, suits and complaints, including those involving government regulations, arise in the ordinary course of the shipping business.  In addition, losses may arise from disputes with charterers, environmental claims, agents, and insurers and from claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims or contingent liabilities, which are material for disclosure. </font></p></div>
<div class="Section1"><h1 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:9pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">19. Commitments</font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company enters into time charter and bareboat charter arrangements on its vessels. These non-cancellable arrangements had remaining terms between six days to two months as of December 31, 2017 and between eleven days to four months as of December 31, 2016, assuming redelivery at the earliest possible date. Future net minimum lease revenues receivable under non-cancellable operating leases as of December 31, 2017 and 2016, were as follows (vessel off-hires and dry-docking days that could occur but are not currently known are not taken into consideration; in addition early delivery of the vessels by the charterers is not accounted for):</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><table cellspacing="0" cellpadding="0" style="width:410.55pt; margin-left:36pt; border-collapse:collapse; text-align:left"><tr><td style="width:250.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_e8a8157b09b04a6c8539e6b8a89f3237"><font style="font-family:'Times New Roman'"> </font></a></p></td><td style="width:67.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:60.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr><td style="width:250.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Within one year</font></p></td><td style="width:67.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,548</font></p></td><td style="width:60.1pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,086</font></p></td></tr><tr><td style="width:250.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:67.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,548</font></p></td><td style="width:60.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,086</font></p></td></tr></table><h1 style="margin-top:0pt; margin-bottom:0pt; text-indent:9pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">These amounts include consideration for other elements of the arrangement apart from the right to use the vessel such as maintenance and crewing and its related costs.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">At December 31, 2017 and 2016, the Company was a party to an operating lease agreement as lessee (note 4). The operating lease relates to the office premises of the Manager at a monthly rate of Euro 10,360 (absolute amount) and for a lease period ending January 2, 2025. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The future minimum lease payments under this agreement as of December 31, 2017 and 2016, assuming a Euro: US dollar exchange rate for 2017 1:1.20 and for 2016: 1:1.05, were as follows:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:418.15pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_8a5167d5eae34dada73810e01c35fa99"><font style="font-family:'Times New Roman'"> </font></a></p></td><td style="width:62.75pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:69.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr style="height:12.75pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Within one year</font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">149</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">131</font></p></td></tr><tr style="height:12.75pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">After one year but not more than five years</font><font style="font-family:'Times New Roman'; font-size:8pt"> </font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">596</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">522</font></p></td></tr><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">More than five years</font></p></td><td style="width:62.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">299</font></p></td><td style="width:69.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">392</font></p></td></tr><tr style="height:13.5pt"><td style="width:253.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:62.75pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,044</font></p></td><td style="width:69.2pt; border-top-style:solid; border-top-width:1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1,045</font></p></td></tr></table></div><h1 style="margin-top:0pt; margin-bottom:0pt; text-indent:9pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></h1><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Total rent expense under operating leases for the years ended December 31, 2017 and 2016, amounted to $140 and $138, respectively.</font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">20. Income Tax</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">     Under the laws of the countries of the vessel owning companies’ incorporation and / or vessels’ registration, vessel owning companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in vessel operating expenses in the accompanying consolidated statements of loss.</font><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-indent:-14.15pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Greek Authorities Tax</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">               </font><font style="font-family:'Times New Roman'; font-size:9pt">In January 2013, a new tax law 4110/2013 amended the long-standing provisions of art. 26 of law 27/1975 by imposing a fixed annual tonnage tax on vessels flying a foreign (i.e., non-Greek) flag which are managed by a Law 89 company, establishing an identical tonnage tax regime as the one already in force for vessels flying the Greek flag. This tax varies depending on the size of the vessel, calculated in gross registered tonnage, as well as on the age of each vessel. Payment of this tonnage tax completely satisfies all income tax obligations of both the shipowning company and of all its shareholders up to the ultimate beneficial owners. Any tax payable to the state of the flag of each vessel as a result of its registration with a foreign flag registry (including the Marshall Islands) is subtracted from the amount of tonnage tax due to the Greek tax authorities. As of December 31, 2017 and 2016, the tax expense under the law amounted to $116 and $264, respectively and is included in administrative expenses in the consolidated statement of comprehensive loss.   </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">U.S. Federal Income Tax</font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">Globus is a foreign corporation with wholly owned subsidiaries that are foreign corporations, which derive income from the international operation of a ship or ships that earn United States (“U.S”) source shipping income for U.S. federal income tax purposes.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">Globus believes that to the best of its knowledge, under § 883 of the Internal Revenue Code, its income and the income of its ship-owning subsidiaries, to the extent derived from the international operation of a ship or ships, are currently exempt from U.S. federal income tax.</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">The following is a summary, discussing the application of the U.S. federal income tax laws to the Company relating to income derived from the international operation of a ship or ships.  The discussion and its conclusion are based upon existing U.S. federal income tax law, including the Internal Revenue Code (the “Code”) and final U.S. Treasury Regulations (the “Regs”) as currently in effect, all of which are subject to change, possibly with retroactive effect.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'; font-style:italic">Application of § 883 of the Code for the year ended December 31, 2017</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">In general, under § 883, certain non-U.S. corporations are not subject to U.S. federal income tax on their U.S. source income derived from the international operation of a ship or ships (“gross transportation income”). Absent § 883 or a tax treaty exemption, such income generally would be subject to a 4% gross basis tax, or in certain cases, to a net income tax plus a 30%</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">branch profits tax.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">For this purpose, U.S. source gross transportation income includes 50% of the shipping income that is attributable to transportation that begins or ends (but that does not both begin and end) in the United States.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">Shipping income attributable to transportation exclusively between non-U.S. ports is generally not subject to any U.S. Federal income tax.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-indent:7.65pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">“Shipping income” generally means income that is derived from:</font></p><p style="margin-top:0pt; margin-left:72pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">(a) the use of vessels;</font></p><p style="margin-top:0pt; margin-left:72pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">(b) the hiring or leasing of vessels for use on a time, operating or bareboat charter basis;</font></p><p style="margin-top:0pt; margin-left:72pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">(c) the participation in a pool, partnership, strategic alliance, joint operating agreement or other joint venture it directly or indirectly owns or participates in that generates such income; or</font></p><p style="margin-top:0pt; margin-left:72pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">(d) the performance of services directly related to those uses.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">The Regs provide that a foreign corporation will qualify for the benefits of § 883 if, in relevant part, the foreign country in which the foreign corporation is organized grants an equivalent exemption to corporations organized in the U.S. and the foreign corporation meets the qualified shareholder test described below.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">A foreign corporation having more than 50 percent of the value of its outstanding shares owned, directly or indirectly by application of specific attribution rules, for at least half of the number of days in the foreign corporation's taxable year by one or more qualified shareholders will meet the qualified shareholder test.  In part, an individual who is a shareholder will be considered a qualified shareholder if he or she is a resident of a qualified foreign country (which means for this purpose that he or she is fully liable to tax in such country, and maintains a tax home in such country for 183 days or more in the taxable year, or certain other rules apply) and does not own his or her interest in the foreign corporation through bearer shares (except for bearer shares held in a dematerialized or immobilized book entry system), either directly or indirectly by application of the attribution rules.  In addition, in order to meet the qualified shareholder test, a foreign corporation will need to obtain certifications from its qualified shareholders (including from intermediary entities) substantiating their stock ownership.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">For the year ended December 31, 2017, Globus and its wholly owned subsidiaries deriving income from the operation of international ships are organized in foreign countries that grant equivalent exemptions to corporations organized in the U.S. Globus and its relevant subsidiaries have more than 50% of the value of their stock for at least half of the number days of their taxable year indirectly owned in the form of registered shares by one individual residing in a qualified foreign country.  Accordingly, all of Globus’ and its ship-owning or operating subsidiaries that rely on § 883 for exempting U.S. source income from the international operation of ships should not be subject to U.S. federal income tax for the year ended December 31, 2017. Globus anticipates it and its relevant subsidiaries income will continue to be exempt in the future from U.S. federal income tax. However, in the future, Globus or its subsidiaries may not continue to satisfy certain criteria in the U.S. tax laws and as such, may become subject to the U.S. federal income tax on future U.S. source shipping income. </font></p></div>
<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:442.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:24.05pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2017</font></p></td><td style="width:65.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:70.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of preferred shares </font></p></td><td style="width:45.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Share premium</font></p></td><td style="width:40.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retained earnings</font></p></td></tr><tr style="height:11.4pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:12pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors payment</font><font style="font-family:'Times New Roman'; font-weight:bold">(1)</font></p></td><td style="width:65.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">20,937</font></p></td><td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">30</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.7pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2017</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">20,937</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">30</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(1) These amounts relate to the shares issued in 2017, not to the shares approved for issuance for the year.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:427.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:21.85pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2016</font></p></td><td style="width:63.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:68pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of preferred shares </font></p></td><td style="width:43.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Share premium</font></p></td><td style="width:38.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retained earnings</font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:63.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:68pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:43.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:38.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors payment </font></p></td><td style="width:63.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">47,897</font></p></td><td style="width:68pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:43.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">50</font></p></td><td style="width:38.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2016</font></p></td><td style="width:63.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">47,897</font></p></td><td style="width:68pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:43.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">50</font></p></td><td style="width:38.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:434.05pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:27.95pt"><td style="width:163.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2015</font></p></td><td style="width:64.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:69.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of preferred shares </font></p></td><td style="width:44.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Share premium</font></p></td><td style="width:39.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retained earnings</font></p></td></tr><tr style="height:13.95pt"><td style="width:163.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:64.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:69.1pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:44.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:39.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:13.95pt"><td style="width:163.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors payment </font></p></td><td style="width:64.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">18,372</font></p></td><td style="width:69.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:44.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">60</font></p></td><td style="width:39.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:14.8pt"><td style="width:163.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2015</font></p></td><td style="width:64.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">18,372</font></p></td><td style="width:69.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:44.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">60</font></p></td><td style="width:39.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><h1 style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:9pt"><font style="font-family:'Times New Roman'">13. Share Based Payment    </font></h1><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> Share based payment comprise the following:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:442.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:24.05pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_02cc6d08e5c74fac952b6ada5110179b"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2017</font></a></p></td><td style="width:65.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:70.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of preferred shares </font></p></td><td style="width:45.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Share premium</font></p></td><td style="width:40.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retained earnings</font></p></td></tr><tr style="height:11.4pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:12pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors payment</font><font style="font-family:'Times New Roman'; font-weight:bold">(1)</font></p></td><td style="width:65.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">20,937</font></p></td><td style="width:70.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:45.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">30</font></p></td><td style="width:40.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:12.7pt"><td style="width:167pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2017</font></p></td><td style="width:65.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">20,937</font></p></td><td style="width:70.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:45.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">30</font></p></td><td style="width:40.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">(1) These amounts relate to the shares issued in 2017, not to the shares approved for issuance for the year.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:427.85pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:21.85pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2016</font></p></td><td style="width:63.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:68pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of preferred shares </font></p></td><td style="width:43.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Share premium</font></p></td><td style="width:38.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retained earnings</font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:63.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:68pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:43.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:38.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors payment </font></p></td><td style="width:63.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">47,897</font></p></td><td style="width:68pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:43.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">50</font></p></td><td style="width:38.45pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:10.9pt"><td style="width:161pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2016</font></p></td><td style="width:63.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">47,897</font></p></td><td style="width:68pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:43.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">50</font></p></td><td style="width:38.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:434.05pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:27.95pt"><td style="width:163.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year 2015</font></p></td><td style="width:64.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of common shares</font></p></td><td style="width:69.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Number of preferred shares </font></p></td><td style="width:44.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Share premium</font></p></td><td style="width:39.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retained earnings</font></p></td></tr><tr style="height:13.95pt"><td style="width:163.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:64.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:69.1pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:44.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:39.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:13.95pt"><td style="width:163.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Non-executive directors payment </font></p></td><td style="width:64.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">18,372</font></p></td><td style="width:69.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:44.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">60</font></p></td><td style="width:39.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr><tr style="height:14.8pt"><td style="width:163.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance at December 31, 2015</font></p></td><td style="width:64.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">18,372</font></p></td><td style="width:69.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:44.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">60</font></p></td><td style="width:39.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31, 2017:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Non-executive director’s payments:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Refers to the common shares issued or accrued during the year to our non-executive directors pursuant to their letters of appointment. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31, 2016:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Non-executive director’s payments:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Refers to the common shares issued or accrued during the year to our non-executive directors pursuant to their letters of appointment. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Series A Preferred shares:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Upon the former Chief Executive Officer’s resignation in July 2016, the 2,567 series A preferred shares, granted to him on April 20, 2012, were redeemed. As of December 31, 2016 there were no series A preferred shares outstanding.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">For the year ended December 31, 2015:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Non-executive director’s payments:</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Refers to the common shares issued or accrued during the year to our non-executive directors pursuant to their letters of appointment. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:486.7pt; margin-left:21.3pt; border-collapse:collapse"><tr style="height:12.75pt"><td style="width:102.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">$ per share</font></p></td><td style="width:49.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">$000’s</font></p></td><td style="width:106.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">Date declared</font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">Date Paid</font></p></td></tr><tr style="height:12.75pt"><td style="width:102.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1st Preferred dividend</font></p></td><td style="width:91.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">77.26</font></p></td><td style="width:49.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">198</font></p></td><td style="width:106.7pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">February 18, 2015</font></p></td><td style="width:83pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">*</font></p></td></tr><tr style="height:12.75pt"><td style="width:102.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2nd Preferred dividend</font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">97.39</font></p></td><td style="width:49.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">250</font></p></td><td style="width:106.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">December 21, 2015</font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">*    </font></p></td></tr><tr style="height:12.75pt"><td style="width:102.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:91.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:49.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">448</font></p></td><td style="width:106.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:83pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">* Settled with several payments, which final payment was made in January 2016.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:405.7pt; margin-left:36pt; border-collapse:collapse"><tr style="height:23.55pt"><td style="width:183.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:108.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Increase/Decrease in basis points</font></p></td><td style="width:81.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Effect on loss</font></p></td></tr><tr style="height:12.5pt"><td style="width:183.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:108.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:81.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:11.75pt"><td style="width:183.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:108.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:81.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:11.75pt"><td style="width:183.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$ Libor</font></p></td><td style="width:108.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">+15</font></p></td><td style="width:81.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(69)</font></p></td></tr><tr style="height:11.75pt"><td style="width:183.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:108.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-20</font></p></td><td style="width:81.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">86</font></p></td></tr><tr style="height:12.5pt"><td style="width:183.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:108.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:81.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:11.75pt"><td style="width:183.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$ Libor</font></p></td><td style="width:108.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">+15</font></p></td><td style="width:81.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(70)</font></p></td></tr><tr style="height:11.75pt"><td style="width:183.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:108.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-20</font></p></td><td style="width:81.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">94</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:417.35pt; margin-left:36pt; border-collapse:collapse"><tr style="height:12.4pt"><td style="width:194.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:108.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Change in rate</font></p></td><td style="width:81.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Effect on loss </font></p></td></tr><tr style="height:12.4pt"><td style="width:194.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:108.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:81.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:13.2pt"><td style="width:194.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:108.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">+10%</font></p></td><td style="width:81.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(251)</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:108.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-10%</font></p></td><td style="width:81.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">251</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:108.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:81.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:12.4pt"><td style="width:194.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:108.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">+10%</font></p></td><td style="width:81.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(254)</font></p></td></tr><tr style="height:18.3pt"><td style="width:194.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:108.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-10%</font></p></td><td style="width:81.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">254</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><div style="text-align:right"><table cellspacing="0" cellpadding="0" style="width:473.5pt; margin-left:auto; border-collapse:collapse"><tr style="height:13.75pt"><td style="width:148.7pt; border:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:37.8pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td><td style="width:36.95pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td><td style="width:34.4pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td></tr><tr style="height:13.75pt"><td style="width:148.7pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,921</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">13%</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:34.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:13.75pt"><td style="width:148.7pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">B</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,516</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11%</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:34.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:13.75pt"><td style="width:148.7pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">C</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,459</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10%</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:34.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:13.75pt"><td style="width:148.7pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">D</font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,052</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">12%</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">586</font></p></td><td style="width:34.4pt; border-right:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5%</font></p></td></tr><tr style="height:13.75pt"><td style="width:148.7pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">E</font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">925</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11%</font></p></td><td style="width:36.95pt; border-right:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">934</font></p></td><td style="width:34.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">7%</font></p></td></tr><tr style="height:13.75pt"><td style="width:148.7pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other </font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">9,496</font></p></td><td style="width:46.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">66%</font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,763</font></p></td><td style="width:37.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">77%</font></p></td><td style="width:36.95pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11,195</font></p></td><td style="width:34.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">88%</font></p></td></tr><tr style="height:13.75pt"><td style="width:148.7pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">14,392</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,740</font></p></td><td style="width:37.8pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td><td style="width:36.95pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">12,715</font></p></td><td style="width:34.4pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:442.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:17.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended December 31, 2017</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less than 3 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3 to 12 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1 to 5 years</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">More than 5 years</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:16.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term debt</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,145</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">12,989</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">30,285</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">44,419</font></p></td></tr><tr style="height:16.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued liabilities and other payables</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,455</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,455</font></p></td></tr><tr style="height:17.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Trade payables</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,258</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,258</font></p></td></tr><tr style="height:17.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6,858</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">12,989</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">30,285</font></p></td><td style="width:52.1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:33.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">50,132</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:442.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:17.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended December 31, 2016</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less than 3 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3 to 12 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1 to 5 years</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">More than 5 years</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:16.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term debt</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,966</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23,268</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">44,335</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">69,569</font></p></td></tr><tr style="height:16.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued liabilities and other payables</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,609</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,609</font></p></td></tr><tr style="height:17.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Trade payables</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,757</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,757</font></p></td></tr><tr style="height:17.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,332</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">23,268</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">44,335</font></p></td><td style="width:52.1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:33.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">76,935</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">23. Events after the reporting date</font></p><p style="margin-top:0pt; margin-right:7.05pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Book Antiqua'"> </font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Exercise of Warrants</font></p><p style="margin:0pt 7.05pt 0pt 28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Further to the February 2017 private placement, one investor partially exercised his warrant in 2018, purchasing 375,000 of the Company’s common shares for aggregate gross proceeds to the Company of approximately $600.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As of March 9, 2018, in connection with the February 2017 private placement, the February 2017 Warrants outstanding were exercisable for an aggregate of 30,523,209 common shares.</font></p></div>
<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:431.1pt; margin-left:28.35pt; border-collapse:collapse"><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="2" style="width:136.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">  December 31,</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:70.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:55.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Interest bearing loans</font></p></td><td style="width:70.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">41,660</font></p></td><td style="width:55.8pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">65,778</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash (including restricted cash)</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(2,966)</font></p></td><td style="width:55.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(373)</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net debt</font></p></td><td style="width:70.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">38,694</font></p></td><td style="width:55.8pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">65,405</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:55.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Equity</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">43,968</font></p></td><td style="width:55.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">20,760</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Adjustment for the market value of vessels (charter-free)</font></p></td><td style="width:70.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(31,970)</font></p></td><td style="width:55.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(46,292)</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Adjusted book capitalization</font></p></td><td style="width:70.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11,998</font></p></td><td style="width:55.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(25,532)</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:70.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:55.8pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Adjusted book capitalization plus net debt</font></p></td><td style="width:70.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">50,692</font></p></td><td style="width:55.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">39,873</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ratio</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">76%</font></p></td><td style="width:55.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">164%</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company’s objective is to maintain the ratio of net debt to adjusted capitalization plus net debt to the range of 60%- 80%. Net debt as calculated above is not consistent with the International Financial Reporting Standards (“IFRS”) definition of debt. The following reconciliation is provided:</font></p><table cellspacing="0" cellpadding="0" style="width:432.35pt; margin-left:35.45pt; border-collapse:collapse"><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="2" style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">   December 31,</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:70.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:57.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Debt in accordance with IFRS (long & short-term borrowings)</font></p></td><td style="width:70.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">41,538</font></p></td><td style="width:57.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">65,572</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Add: Unamortized debt discount</font></p></td><td style="width:70.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">122</font></p></td><td style="width:57.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">206</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:70.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">41,660</font></p></td><td style="width:57.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">65,778</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Less: Cash and bank balances and bank deposits (including restricted cash)</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,966</font></p></td><td style="width:57.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">373</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Net debt</font></p></td><td style="width:70.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">38,694</font></p></td><td style="width:57.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">65,405</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:9pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold">21. Financial risk management objectives and policies</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:9pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; line-height:9pt"><font style="font-family:'Times New Roman'; font-size:9pt">The Company’s financial liabilities are bank loans, trade and other payables. The main purpose of these financial liabilities is to assist in the financing of Company’s operations and the acquisition of vessels. The Company has various financial assets such as trade receivables and cash and short-term deposits, which arise directly from its operations. The main risks arising from the Company’s financial instruments are cash flow interest rate risk, credit risk, liquidity risk and foreign currency risk.    </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest rate risk</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s long-term debt obligations with floating interest rates. As of December 31, 2016, 31% of the Company’s bank borrowings were at a fixed rate of interest and as of December 31, 2017, no borrowings were at a fixed rate of interest. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Interest rate risk table</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, of the Company’s loss. </font></p><p style="margin-top:0pt; margin-left:96.4pt; margin-bottom:0pt; text-indent:-25.55pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><table cellspacing="0" cellpadding="0" style="width:405.7pt; margin-left:36pt; border-collapse:collapse; text-align:left"><tr style="height:23.55pt"><td style="width:183.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_0bb6db28262348dbabda8370a80f2347"><font style="font-family:'Times New Roman'"> </font></a></p></td><td style="width:108.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Increase/Decrease in basis points</font></p></td><td style="width:81.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Effect on loss</font></p></td></tr><tr style="height:12.5pt"><td style="width:183.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:108.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:81.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:11.75pt"><td style="width:183.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:108.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:81.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:11.75pt"><td style="width:183.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$ Libor</font></p></td><td style="width:108.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">+15</font></p></td><td style="width:81.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(69)</font></p></td></tr><tr style="height:11.75pt"><td style="width:183.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:108.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-20</font></p></td><td style="width:81.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">86</font></p></td></tr><tr style="height:12.5pt"><td style="width:183.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:108.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:81.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:11.75pt"><td style="width:183.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">$ Libor</font></p></td><td style="width:108.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">+15</font></p></td><td style="width:81.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(70)</font></p></td></tr><tr style="height:11.75pt"><td style="width:183.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:108.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-20</font></p></td><td style="width:81.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">94</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">           </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:9pt"><font style="font-family:'Times New Roman'; font-size:9pt"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-weight:bold">Foreign currency risk</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following table demonstrates the sensitivity to a reasonably possible change in the Euro exchange rate, with all other variables held constant, to the Company’s loss due to changes in the fair value of monetary assets and liabilities. The Company’s exposure to foreign currency changes for all other currencies as of December 31, 2017 and 2016, was not material.</font></p><table cellspacing="0" cellpadding="0" style="width:417.35pt; margin-left:36pt; border-collapse:collapse; text-align:left"><tr style="height:12.4pt"><td style="width:194.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="DM_MAP_15262c74fd494fecb7922c467946e9f1"><font style="font-family:'Times New Roman'"> </font></a></p></td><td style="width:108.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Change in rate</font></p></td><td style="width:81.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Effect on loss </font></p></td></tr><tr style="height:12.4pt"><td style="width:194.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:108.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:81.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:13.2pt"><td style="width:194.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:108.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">+10%</font></p></td><td style="width:81.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(251)</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:108.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-10%</font></p></td><td style="width:81.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">251</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:108.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:81.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:12.4pt"><td style="width:194.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:108.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">+10%</font></p></td><td style="width:81.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(254)</font></p></td></tr><tr style="height:18.3pt"><td style="width:194.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:108.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-10%</font></p></td><td style="width:81.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">254</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:13pt"><font style="font-family:'Times New Roman'; font-size:9pt; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-7.65pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Credit risk</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company operates only with recognised, creditworthy third parties including major charterers, commodity traders and government owned entities. Receivable balances are monitored on an ongoing basis with the result that the Company’s exposure to impairment on trade accounts receivable is not significant. The maximum exposure is the carrying value of trade accounts receivable as indicated in the consolidated statement of financial position. With respect to the credit risk arising from other financial assets of the Company such as cash and cash equivalents, the Company’s exposure to credit risk arises from default of the counter parties, which are recognised financial institutions. The Company performs annual evaluations of the relative credit standing of these counter parties. The exposure of these financial instruments is equal to their carrying amount as indicated in the consolidated statement of financial position. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Concentration of credit risk table:</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following table provides information with respect to charterers who individually, accounted for approximately more than 10% of the Company’s revenue for the years ended December 31, 2017, 2016 and 2015:</font></p><div style="text-align:right"><table cellspacing="0" cellpadding="0" style="width:473.5pt; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.75pt"><td style="width:148.7pt; border:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><a name="DM_MAP_b2bc1b1d509a408d8bcb8fc4c83947ed"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></a></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td><td style="width:46.35pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td><td style="width:37.8pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td><td style="width:36.95pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2015</font></p></td><td style="width:34.4pt; border-top:1pt solid #ffffff; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">%</font></p></td></tr><tr style="height:13.75pt"><td style="width:148.7pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">A</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,921</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">13%</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:34.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:13.75pt"><td style="width:148.7pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">B</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,516</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11%</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:34.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:13.75pt"><td style="width:148.7pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">C</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,459</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">10%</font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:34.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr style="height:13.75pt"><td style="width:148.7pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">D</font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,052</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">12%</font></p></td><td style="width:36.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">586</font></p></td><td style="width:34.4pt; border-right:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">5%</font></p></td></tr><tr style="height:13.75pt"><td style="width:148.7pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">E</font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:46.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">925</font></p></td><td style="width:37.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11%</font></p></td><td style="width:36.95pt; border-right:1pt solid #ffffff; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">934</font></p></td><td style="width:34.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">7%</font></p></td></tr><tr style="height:13.75pt"><td style="width:148.7pt; border-right:1pt solid #ffffff; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:4.9pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Other </font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">9,496</font></p></td><td style="width:46.35pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">66%</font></p></td><td style="width:46.35pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">6,763</font></p></td><td style="width:37.8pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">77%</font></p></td><td style="width:36.95pt; border-right:1pt solid #ffffff; border-bottom-style:solid; border-bottom-width:1pt; padding-right:4.9pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11,195</font></p></td><td style="width:34.4pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">88%</font></p></td></tr><tr style="height:13.75pt"><td style="width:148.7pt; border-left:1pt solid #ffffff; border-bottom:1pt solid #ffffff; padding-right:5.4pt; padding-left:4.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">14,392</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td><td style="width:46.35pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">8,740</font></p></td><td style="width:37.8pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td><td style="width:36.95pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">12,715</font></p></td><td style="width:34.4pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">100%</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-7.65pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Liquidity risk</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company mitigates liquidity risk by managing cash generated by its operations, applying cash collection targets appropriately. The vessels are normally chartered under time-charter, bareboat and spot agreements where, as per the industry practice, the charterer pays for the transportation service 15 days in advance, supporting the management of cash generation. Vessel acquisitions are carefully controlled, with authorisation limits operating up to board level and cash payback periods applied as part of the investment appraisal process. In this way, the Company maintains a good credit rating to facilitate fund raising. In its funding strategy, the Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans. Excess cash used in managing liquidity is only invested in financial instruments exposed to insignificant risk of changes in market value or are being placed on interest bearing deposits with maturities fixed usually for no more than 3 months. The Company monitors its risk relating to the shortage of funds by considering the maturity of its financial liabilities and its projected cash flows from operations.</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The table below summarises the maturity profile of the Company’s financial liabilities at December 31, 2017, assuming that the banks will not demand the repayment of the loans before their maturity, and 2016, based on contractual undiscounted cash flows. </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:442.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:17.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_a03a286d30c044178fd12a649642eabd"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended December 31, 2017</font></a></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less than 3 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3 to 12 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1 to 5 years</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">More than 5 years</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:16.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term debt</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,145</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">12,989</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">30,285</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">44,419</font></p></td></tr><tr style="height:16.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued liabilities and other payables</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,455</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,455</font></p></td></tr><tr style="height:17.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Trade payables</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,258</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,258</font></p></td></tr><tr style="height:17.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">6,858</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">12,989</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">30,285</font></p></td><td style="width:52.1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:33.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">50,132</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:442.65pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:17.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Year ended December 31, 2016</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Less than 3 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">3 to 12 months</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">1 to 5 years</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">More than 5 years</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td></tr><tr style="height:16.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Long-term debt</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">1,966</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">23,268</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">44,335</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">69,569</font></p></td></tr><tr style="height:16.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Accrued liabilities and other payables</font></p></td><td style="width:61.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,609</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,609</font></p></td></tr><tr style="height:17.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Trade payables</font></p></td><td style="width:61.5pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,757</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:41.9pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:52.1pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:33.2pt; border-bottom-style:solid; border-bottom-width:1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">4,757</font></p></td></tr><tr style="height:17.85pt"><td style="width:147.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:61.5pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">9,332</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">23,268</font></p></td><td style="width:41.9pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">44,335</font></p></td><td style="width:52.1pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:33.2pt; border-bottom-style:double; border-bottom-width:2.25pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">76,935</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:96.4pt; margin-bottom:0pt; text-indent:-68.05pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Capital management</font></p><p style="margin-top:0pt; margin-left:96.4pt; margin-bottom:0pt; text-indent:-60.4pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The primary objective of the Company’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares as well as managing the outstanding level of debt. Lenders may impose capital structure or solvency ratios (refer to note 12). No changes were made in the objectives, policies or processes during the years ended December 31, 2017 and 2016. The Company monitors capital using the ratio of net debt to book capitalisation adjusted for the market value of the Company’s vessels plus net debt. </font></p><p style="margin-top:0pt; margin-left:35.45pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company includes within net debt, interest bearing loans gross of unamortized debt discount, less cash. </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Adjusted book capitalization refers to total equity adjusted for the market value of the Company’s vessels. The Company’s policy is to keep the ratio described above between a range of 60% - 80%.</font></p><table cellspacing="0" cellpadding="0" style="width:431.1pt; margin-left:28.35pt; border-collapse:collapse; text-align:left"><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><a name="DM_MAP_21115bd433744b8ab4a69916a5b95932"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></a></p></td><td colspan="2" style="width:136.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">  December 31,</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:70.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:55.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Interest bearing loans</font></p></td><td style="width:70.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">41,660</font></p></td><td style="width:55.8pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">65,778</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Cash (including restricted cash)</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(2,966)</font></p></td><td style="width:55.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(373)</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net debt</font></p></td><td style="width:70.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">38,694</font></p></td><td style="width:55.8pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">65,405</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:55.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Equity</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">43,968</font></p></td><td style="width:55.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">20,760</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Adjustment for the market value of vessels (charter-free)</font></p></td><td style="width:70.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(31,970)</font></p></td><td style="width:55.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(46,292)</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Adjusted book capitalization</font></p></td><td style="width:70.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">11,998</font></p></td><td style="width:55.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">(25,532)</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:70.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:55.8pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Adjusted book capitalization plus net debt</font></p></td><td style="width:70.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">50,692</font></p></td><td style="width:55.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">39,873</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Ratio</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">76%</font></p></td><td style="width:55.8pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">164%</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The Company’s objective is to maintain the ratio of net debt to adjusted capitalization plus net debt to the range of 60%- 80%. Net debt as calculated above is not consistent with the International Financial Reporting Standards (“IFRS”) definition of debt. The following reconciliation is provided:</font></p><table cellspacing="0" cellpadding="0" style="width:432.35pt; margin-left:35.45pt; border-collapse:collapse; text-align:left"><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td colspan="2" style="width:138.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">   December 31,</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:70.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td style="width:57.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">2016</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Debt in accordance with IFRS (long & short-term borrowings)</font></p></td><td style="width:70.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">41,538</font></p></td><td style="width:57.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">65,572</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Add: Unamortized debt discount</font></p></td><td style="width:70.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">122</font></p></td><td style="width:57.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">206</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p></td><td style="width:70.2pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">41,660</font></p></td><td style="width:57.05pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">65,778</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Less: Cash and bank balances and bank deposits (including restricted cash)</font></p></td><td style="width:70.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">2,966</font></p></td><td style="width:57.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">373</font></p></td></tr><tr><td style="width:272.7pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">Net debt</font></p></td><td style="width:70.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">38,694</font></p></td><td style="width:57.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:'Times New Roman'">65,405</font></p></td></tr></table><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></div>
<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:405.3pt; margin-left:28.35pt; border-collapse:collapse"><tr style="height:12.15pt"><td style="width:152.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:82.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31, 2017</font></p></td><td style="width:35.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 1</font></p></td><td style="width:43.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 2</font></p></td><td style="width:35.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 3</font></p></td></tr><tr style="height:12.15pt"><td style="width:152.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Liabilities for which fair values are disclosed </font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long term borrowings</font></p></td><td style="width:82.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">41,219</font></p></td><td style="width:35.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:43.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">41,219</font></p></td><td style="width:35.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td></tr><tr style="height:12.15pt"><td style="width:152.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:82.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31, 2016</font></p></td><td style="width:35.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 1</font></p></td><td style="width:43.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 2</font></p></td><td style="width:35.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 3</font></p></td></tr><tr style="height:12.15pt"><td style="width:152.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Liabilities for which fair values are disclosed </font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long term borrowings</font></p></td><td style="width:82.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">62,831</font></p></td><td style="width:35.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:43.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">62,831</font></p></td><td style="width:35.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'"> </font></p></div>
<div class="Section1"><p style="margin-top:0pt; margin-left:82.35pt; margin-bottom:0pt; text-indent:-54pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">22. Fair values</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The carrying values of financial instruments such as cash and cash equivalents, restricted cash, trade receivables and trade payables are reasonable estimates of their fair value due to the short term nature of these financial instruments. The fair values of the credit and loan facilities as of December 31, 2017 and 2016 was $41,219 and $62,831 respectively while their carrying value measured at amortised cost as of December 31, 2017 and 2016 was $41,538 and $65,572 respectively. </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value measurement</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-left:64.35pt; margin-bottom:0pt; text-indent:-36pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">The following table provides the fair value measurement hierarchy (as defined in note 2.29) of the Company’s liabilities</font></p><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:28.35pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">As at December 31, 2017 and 2016, the Company held the following liabilities measured at or disclose their fair value:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><table cellspacing="0" cellpadding="0" style="width:405.3pt; margin-left:28.35pt; border-collapse:collapse"><tr style="height:12.15pt"><td style="width:152.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="DM_MAP_f4bf6bd9148a41c1b60034698db8c970"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></a></p></td><td style="width:82.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31, 2017</font></p></td><td style="width:35.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 1</font></p></td><td style="width:43.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 2</font></p></td><td style="width:35.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 3</font></p></td></tr><tr style="height:12.15pt"><td style="width:152.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Liabilities for which fair values are disclosed </font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long term borrowings</font></p></td><td style="width:82.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">41,219</font></p></td><td style="width:35.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p></td><td style="width:43.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">41,219</font></p></td><td style="width:35.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">-</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td></tr><tr style="height:12.15pt"><td style="width:152.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p></td><td style="width:82.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">December 31, 2016</font></p></td><td style="width:35.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 1</font></p></td><td style="width:43.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 2</font></p></td><td style="width:35.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Level 3</font></p></td></tr><tr style="height:12.15pt"><td style="width:152.9pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'; font-weight:bold">Liabilities for which fair values are disclosed </font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:'Times New Roman'">Long term borrowings</font></p></td><td style="width:82.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">62,831</font></p></td><td style="width:35.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td><td style="width:43.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">62,831</font></p></td><td style="width:35.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:'Times New Roman'">-</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; text-align:justify; font-size:9pt"><font style="font-family:'Times New Roman'">There have been no transfers between Level 1 and Level 2 during the years</font></p></div>